Russia's Economy
Geography: KS3, topic 21.2.2
Russia's Economy
Russia is rich in natural resources and imports a few key products.
Natural resources
- Russia is one of the most naturally rich countries in terms of resources with large supplies of oil, copper, diamonds, natural gas, petroleum, timber, gold, silver lead and bauxite.
- In 2017, Russia’s GDP was $1.3 billion and GDP per capita was $10,985.
Exports
- Russia’s key export products are crude oil, petroleum and natural gas, accounting for 58% of the total exports.
- Key trading partners are Europe and Asia with 60% and 30% respectively accounting for the total exports.
- The combination of these key export products and others contributed 25 billion towards the economy in 2015.
- Russia is currently the 7th largest producer of gold with most of its annual estimated 250 tonnes extracted from Siberia.
Imports
- Russia’s key import products are food, pharmaceuticals and textiles.
Test yourself on Russia's Economy
What % of Russia's exports are traded with Europe?