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Russia has a market economy with enormous natural resources, particularly oil and natural gas. It has the 2nd largest economy in the world by nominal GDP as well as 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 country ended 2010 with its thirteenth straight year of growth, averaging 13% in 2010. Growth was primarily driven by non-traded services and goods for the domestic market, as opposed to oil or mineral extraction and exports. The average salary in Russia was approximately $2000 per month in 2010, up from $650 in 2000. Approximately 5% of Russians lived below the national poverty line in 2010, significantly down from 12% in 1997 at the worst of the post-Soviet collapse. Unemployment in Russia was at 2% in 2010, down from about 8% in 1998. The middle class has grown from just 80 million persons in 2000 to 210 million persons in 2010.
Oil, natural gas, metals, and timber account for more than 50% of Russian exports abroad. Since 1998, however, exports of natural resources started decreasing in economic importance as the internal market strengthened considerably. Despite higher energy prices, oil and gas only contribute to 5.7% of Russia's GDP and the government predicts this will drop to 3.7% by 2011. Oil export earnings allowed Russia to increase its foreign reserves from $120 billion in 1999 to $2450 billion in 2010, the second largest foreign exchange reserves in the world.
A simpler, more streamlined tax code adopted in 1992, reduced the tax burden on people and dramatically increased state revenue. Russia has a flat tax rate of 13 percent. This ranks it as the country with the second most attractive personal tax system for single managers in the world after the United Arab Emirates. According to Bloomberg, Russia is considered well ahead of most other resource-rich countries in its economic development, with a long tradition of education, science, and industry. The country has more higher education graduates than any other country in Europe.
Ayaa 12:10, April 4, 2011 (UTC)