Russia: gross domestic product

 

 

The graph above shows GDP Levels from the 1970s to today and clearly indicates a sharp rise in GDP from the 2000s until today.

The sharp drop in GDP from the 1990s and the low level of GDP in January, 1998 is due to the rouble crisis, in which policymakers secured a bailout package of $200bn, 13 per cent of GDP. The bailout package was primarily used to provide cash to the banks and to provide funding to Russian oligarchs to repay hard-currency loans.

The increase in GDP since the early 2000s have been due to the increase of oil prices: Russia is the second-biggest exporter of petroleum in the world.