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ECONOMY IN RUSSIA
Economy

Russia saw its comparatively developed centrally planned economy
contract severely for five years, as the executive and the legislature
dithered over the implementation of reforms and Russia's aging
industrial base faced a serious decline. However, Russia's
economy has adapted relatively quickly from the world's largest
centrally planned economy to a market economy. Russia ended
2006 with its eighth straight year of growth, averaging 6.7% annually
since the financial crisis of 1998, despite high negative population
growth. Although high oil prices and a relatively ruble initially drove
this growth, since 2003 consumer demand and, more recently,
investment have played a significant role. Russia is well ahead of
most other resource-rich countries in its economic development,
with a long tradition of education, science, and industry. Oil
and gas contribute to 5.7% of GDP and the government predicts
this will drop to 3.7% of Russia's GDP by 2011. In January-June
2007 foreign investment in the Russian economy doubled
year-on-year, reaching $60.3 billion. Total investment in Russia's
economy in 2010 will reach $360 billion, 800% growth since 2000,
a Russian deputy prime minister forecast. Investment in Russia's
fixed assets are expected to double on 2006 figures by 2010 and
reach $370 billion in line with a conservative forecast. In 2000 total
investment in fixed assets was $40 billion, giving growth of 300% by
2006. At least $1 trillion will be invested in Russia's infrastructure
before 2020, the acting economic development and trade minister
said in September 2007. Russia has the largest known natural gas
reserves of any state on Earth, along with the second largest coal
reserves, and the eighth largest oil reserves. It is the world's leading
natural gas exporter and the second leading oil exporter.
Capital
(and largest city)
Moscow
55°45′N, 37°37′E
Official languages
Russian official
throughout nation;
thirty
others co-official in
various regions
Demonym
Russian
Government

President
Prime Minister
Semi-presidential
federal republic
Vladimir Putin
Viktor Zubkov
Formation
Founded

Declared

Finalised
862 AD

June 12, 1990

December 25,
1991  
Area
Total

Water (%)

6,592,800 sq mi
13
Population
2006 estimate

2002 census

Density
142,754,000 (8th)


145,274,019

8.3/km² (209th)
21.8/sq mi
GDP (PPP)
Total


Per capita
2006 estimate
$1.727 trillion
(8th1)

$12,096 (59th)
GDP (nominal)
Total

Per capita
2006 estimate
$979 billion (11th)

$6,856 (59th
HDI (2004)
0.797 (medium)
(65th)
Gini? (2002)
39.9 (medium)
Currency
Ruble (RUB)
Time zone
Summer (DST)
(UTC+2 to +12)
(UTC+3 to +13)
Internet TLD
 
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