Russia has an upper-middle income mixed economy with enormous natural resources, particularly oil and natural gas. It has the 12th 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.
The restoration of agriculture was supported by a credit policy of the government, helping both individual farmers and large privatized corporate farms and which still own the significant share of agricultural land. While large farms concentrate mainly on grain production and husbandry products, small private household plots produce most of the country’s potatoes, vegetables and fruits.
Russian main exports are energy (oil and petroleum products, gas, coal), rolled steel, ferrous and nonferrous metals and minerals. The greater part of Russian exports belongs to oil and petroleum products. Other leading exports are natural gas, timber, fertilizers, machinery and equipment, armaments. The foreign countries receive from Russia over 300 million tons of oil and approximately 250 billion cubic meters of gas.
Russia imports machinery and equipment, vehicles, consumer goods, foodstuffs, chemical products, industrial consumer goods.