Russia has an upper-middle income mixed and transition economy, with enormous natural resources, particularly oil and natural gas. It has the world’s eleventh-largest economy by nominal GDP and the sixth-largest by PPP. According to the IMF, Russia’s GDP per capita by PPP is $29,485 as of 2021.The average nominal salary in Russia was ₽47,867 per month in 2019, and approximately 12.9% of Russians lived below the national poverty line in 2018.Unemployment in Russia was 4.5% in 2019, and officially more than 70% of the Russian population is categorised as middle class; though this is disputed. By the end of December 2019, Russian foreign trade turnover reached $666.6 billion. Russia’s exports totalled over $422.8 billion, while its imported goods were worth over $243.8 billion. As of December 2020, foreign reserves in Russia are worth $444 billion.
Oil, natural gas, metals, and timber account for more than 80% of Russian exports abroad. In 2016, the oil-and-gas sector accounted for 36% of federal budget revenues. In 2019, the Natural Resources and Environment Ministry estimated the value of natural resources to 60% of the country’s GDP. Russia has one of the lowest foreign debts among major economies. It ranked 28th of 190 countries in the 2019 Ease of Doing Business Index. Russia has a flat tax rate of 13%; with the world’s second most attractive personal tax system for single managers after the United Arab Emirates. Inequality of household income and wealth has also been noted, with Credit Suisse finding Russian wealth distribution so much more extreme than other countries studied it “deserves to be placed in a separate category.