russia's economy
Overview Economic HistoryIn the early 1900s the Russian Federation recreated itself under the rule of Boris Yeltsin after its economic collapse (as well as the Soviet Union collapse). The economy would be revamped from many natural resources such as gas and oil. This would produce innovations in economic reforms like trade liberalizations and privatizations. However, one of the main issues with the Russian economy is inflation.
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Russia’s GDPRussia’s current GDP is 1860.6 billion USD. It’s highest GDP was 2079.02 billion USD in 2013, and it’s lowest was 764.02 in 2005. Russia has recently experienced an expansion from 2013 with the GDP increasing from 1222.64 billion USD to 2079.02 billion USD, and experienced its most recent peak in 2013 with a total of 2079.02 USD. Russia experienced recently experienced a contraction from 2013 to 2014 with the GDP decreasing from 2079.02 billion USD to 1860.6 billion USD, and experienced its most recent trough in 2014 with a total of 1860.6 billion USD. Russia’s GDP is about 14.54 times smaller than the US’s GDP.
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Economic Sectors
Russia’s main economic sectors are agriculture, natural resources, and industry. The agriculture sector includes sugar, beets, grain, meat, dairy products, and sunflower seeds. Manufacturing and industry includes a complete range of notably automobiles, manufactures, trains, trucks, advanced aircraft, agricultural equipment, machine, aerospace, mining equipment products, medical, extractive industry, construction equipment, and scientific instruments. Trade exports emphasize natural gas, petroleum and petroleum products, metals, woods and wood products, and chemicals. Russia’s economy is also eight times worst than the U.S.
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