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In the 1990s Russia’s GDP fell by 40% |
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It eventually regained the 1990 level in 2002 |
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Since 2000, GDP growth has averaged just under 7% a year |
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In current dollar prices, GDP went from $200 billion in 1999 to
$1.26 trillion in 2007 |
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A 70% increase in GDP |
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Russia
moved up from being the twentieth largest economy in the world
to the seventh (fifth in 2008) |
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The government has been running a substantial surplus |
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The settling of nearly all Russia’s foreign sovereign debts |
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The accumulation of a war chest of $402 billion foreign currency
reserves as of March 2008 |
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Investment has risen by 12% annually |
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Unemployment has fallen below 7% |
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Labour productivity grew 49% between 1995 and 2005, ranging from
a 23% improvement in retailing to a 73% rise in construction |
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Stock market capitalisation rose to 44% of GDP by 2005 |
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The RTS index went from 300 in 2000 to 2,360 in December 2007
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In September 2006
the market capitalisation of the 200 biggest firms was $833
billion (one third of which was Gazprom) |
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A reform of the tax system, under which a progressive income tax
from 12% to 30% was replaced with a flat tax of 13% in 2001 |
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Russia
introduced full convertibility of its currency in July 2006 |
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A total of 70% of economic activity now takes place in legally
independent corporations, and a similar proportion of economic
transactions occur through market-clearing prices |
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The centralised, command economy was smashed, although elements
of such a model persist at the local level in some regions such
as Tatarstan or Kalmykiya |
