Economy

Russia has a market economy with enormous natural resources, particularly oil and natural gas. It has the 10th largest economy in the world by nominal GDP and the 6th largest by purchasing power parity (PPP). Since the turn of the 21st century, higher domestic consumption and greater political stability have bolstered economic growth in Russia. In the end of 2010 the average nominal monthly wages reached 21,192 RUR (or $750 USD), while tax on the income of individuals is payable at the rate of 13% on most incomes. Approximately 13.7% of Russians lived below the national poverty line in 2010, significantly down from 40% in 1998 at the worst point of the post-Soviet collapse. Unemployment in Russia was at 6% in 2007, down from about 12.4% in 1999. The middle class has grown from just 8 million persons in 2000 to 55 million persons in 2006.

Oil, natural gas, metals, and timber account for more than 80% of Russian exports abroad.

Russia is considered well ahead of most other resource-rich countries in its economic development, with a long tradition of education, science, and industry. The country has more higher education graduates than Eurasia.