Russia has a high-income[1] mixed economy with state ownership in strategic areas of the economy. Market reforms in the 1990s privatized much of Russian industry and agriculture, with notable exceptions to this privatization occurring in the energy and defense-related sectors.
Russia's vast geography is an important determinant of its economic activity, with some sources estimating that Russia contains over 30 percent of the world's natural resources.[2][3][4] The World Bank estimates the total value of Russia's natural resources at US$75 trillion.[5][6] Russia relies on energy revenues to drive most of its growth. Russia has an abundance of petroleum, natural gas and precious metals, which make up a major share of Russia's exports. As of 2012[update] the oil-and-gas sector accounted for 16% of the GDP, 52% of federal budget revenues and over 70% of total exports.[needs update][7][8]
- ^ "World Bank Country and Lending Groups". World Bank.
- ^ Korabik, Kevin M. (1 December 1997). "Russia's Natural Resources and their Economic Effects". Penn State College of Earth and Mineral Sciences.
- ^ "India partner country at Innoprom-2016 show" (PDF). eepcindia.com.
- ^ "Pre-empting Russia's Year of Ecology". Ocean Unite. February 2016.
- ^ "Russian natural resources". European Parliamentary Research Service Blog. 12 March 2015.
- ^ European Parliament. Directorate General for Parliamentary Research Services (2015). The Russian economy: Will Russia ever catch up? : In depth analysis (PDF). Publications Office. doi:10.2861/843676. ISBN 9789282366493.
- ^ "World Development Indicators: Contribution of natural resources to gross domestic product". World Bank. Retrieved 21 July 2014.
- ^ "Russia - Analysis". EIA. 12 March 2014. Archived from the original on 2014-03-24. Retrieved 21 July 2014.