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• GDP: US$733 billion (2007 estimate).
• Main imports: Machinery and equipment, consumer goods, medicine, meat and sugar.
• Main exports: Petroleum and petroleum products, natural gas, wood and wood products, chemicals and manufactured goods.
• Main trade partners: Germany, Ukraine, China (PR), Italy and The Netherlands.
• Main imports: Machinery and equipment, consumer goods, medicine, meat and sugar.
• Main exports: Petroleum and petroleum products, natural gas, wood and wood products, chemicals and manufactured goods.
• Main trade partners: Germany, Ukraine, China (PR), Italy and The Netherlands.
Economy
Russia has huge deposits of oil and gas (its major export earners) as well as coal and minerals including gold, diamonds, nickel, manganese, copper, iron ore and phosphates. Energy products and heavy industry (production of vehicles, metal goods, construction materials and machinery) are the kernel of Russia's industrial sector. Textiles and chemicals are other important industries.
The sheer size and diversity of the country has made economic reform in the Russian Federation a gargantuan task, especially by comparison with its former East European allies and the other 14 Soviet republics.
Since then, the economy has undergone a significant recovery with average annual growth of 5% in the last five years (the figure in 2007 was an incredible 10.9%). The government has got on top of the hyper-inflation that caused so much damage in the initial stages of the reform process. At 8% (2007), current inflation is high by recent Western standards but not unmanageable. Unemployment runs at 6.6% (2006 estimate). Russia hosts a substantial informal or ‘grey' economy in which between 25 and 40% of the workforce are engaged to some extent.
The sheer size and diversity of the country has made economic reform in the Russian Federation a gargantuan task, especially by comparison with its former East European allies and the other 14 Soviet republics.
Since then, the economy has undergone a significant recovery with average annual growth of 5% in the last five years (the figure in 2007 was an incredible 10.9%). The government has got on top of the hyper-inflation that caused so much damage in the initial stages of the reform process. At 8% (2007), current inflation is high by recent Western standards but not unmanageable. Unemployment runs at 6.6% (2006 estimate). Russia hosts a substantial informal or ‘grey' economy in which between 25 and 40% of the workforce are engaged to some extent.
Business Etiquette
As a result of recent economic changes that have taken place in the Russian Federation, there are now many thousands of private companies in operation and international business relations have become active. The main business centres are Moscow, St Petersburg, Nizhny Novgorod, Novosibirsk and Vladivostok.
Office hours: Mon-Fri 0900-1800.
Office hours: Mon-Fri 0900-1800.
Business Contacts
Ministry for Economic Development and Trade for the Russian Federation - Department for Economic Co-operation with Europe
A/47 1-aya Tverskaya-Yamskaya Ulitsa, 125993, Moscow, Russian Federation
Tel: (495) 694 0353.
Website: www.economy.gov.ru
Chamber of Commerce and Industry of the Russian Federation
St. Ilyinka 6, 109012, Moscow, Russian Federation
Tel: (495) 620 0009.
Website: www.tpprf.ru
The Trade Delegation of the Russian Federation in the UK
32-3 Highgate West Hill, London N6 6NL, UK
Tel: (020) 8340 1907 or 4491 or 3272.
Website: www.rustradeuk.org
Russo-British Chamber of Commerce in the UK
42 Southwark Street, London SE1 1UN, UK
Tel: (020) 7403 1706.
Website: www.rbcc.co.uk
A/47 1-aya Tverskaya-Yamskaya Ulitsa, 125993, Moscow, Russian Federation
Tel: (495) 694 0353.
Website: www.economy.gov.ru
Chamber of Commerce and Industry of the Russian Federation
St. Ilyinka 6, 109012, Moscow, Russian Federation
Tel: (495) 620 0009.
Website: www.tpprf.ru
The Trade Delegation of the Russian Federation in the UK
32-3 Highgate West Hill, London N6 6NL, UK
Tel: (020) 8340 1907 or 4491 or 3272.
Website: www.rustradeuk.org
Russo-British Chamber of Commerce in the UK
42 Southwark Street, London SE1 1UN, UK
Tel: (020) 7403 1706.
Website: www.rbcc.co.uk
