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||1995 - 2015
Russia is the largest country in the world and the fifth largest economy. The Russian economy is commodity-driven. Russia is the world’s largest producer of oil (12 percent of world output), natural gas (18 percent) and nickel (20 percent). The energy sector is the most important, it contributes 20-25 percent of GDP, 65 percent of total exports and 30 percent of government budget revenue. During the past decade, poverty and unemployment declined steadily and the middle class continued to expand. However, in recent years, government’s tight control of the economy, lack of property rights laws and corruption have hampered private investment and innovation. Content for - Russia GDP Growth Rate - was last refreshed on Tuesday, July 7, 2015.