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Economic Profile of Russia With our small business venture of importing Diesel jeans to Moscow Russia it is necessary to examine not only the current but also the past economical statistics to give a greater knowledge of the countrys welfare Gross Domestic Product in Russia In 2003 Russias real gross domestic product GDP grew by 73 surpassing average growth rates in all other G8 countries and marking the countrys fifth consecutive year of economic expansion Russias economic growth over the last five years has been stimulated primarily by energy exports particularly given the boom in Russian oil production and relatively high world oil prices during this period But this type of growth has made the Russian economy dangerously dependent on oil and natural gas exports and especially vulnerable to fluctuations in world oil prices Although estimates vary widely the World Bank has suggested that the oil and gas sector may have accounted for up to 25 of GDP in 2003-while employing less than 1 of the population The International Monetary Fund raised its forecast for Russias economic growth According to the IMF the countrys GDP will grow 6 in 2003 and it will rise 5 next year In April 2003 the IMF said Russias GDP growth would be 4 this year and 35 in 2004 Inflation in Russia There were several factors behind the inflation rate in the Russian economy in 2002 The continued expansion of production investment activity and a rise in consumer demand and rapid growth in some intermediate consumer goods brought about a price upswing accelerating inflation The current figure for consumer price inflation is 12 the lowest in 5 years Though official figures may seriously understate Russians true incomes as many Russians seem to spend more than they claim to earn Lower inflation is due to the fact that Russians are switching from dollars to rubles as well as to moderate prices for imported goods thanks to the strengthening
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