Economy of Russian Federation

The mineral-packed Ural Mountains and the vast fossil fuel (oil, gas, coal), and timber reserves of Siberia and the Russian Far East make Russia rich in natural resources, which dominate Russian exports. Oil and gas exports, specifically, continue to be the main source of hard currency. Russia has been widely described as an energy superpower; as it has the world's largest natural gas reserves, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. It is the world's leading natural gas exporter, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third largest coal exporter. Fossil fuels cause most of the greenhouse gas emissions by Russia. The country is the world's fourth-largest electricity producer, and the ninth-largest renewable energy producer in 2019. Russia was also the world's first country to develop civilian nuclear power, and built the world's first nuclear power plant. In 2019, It was the world's fourth-largest nuclear energy producer.

Russia is also a leading producer and exporter of minerals and gold. Russia is the largest diamond-producing nation in the world, estimated to produce over 33 million carats in 2013, or 25% of global output valued at over $3.4 billion, with state-owned ALROSA accounting for approximately 95% of all Russian production. In 2019, the country was the 3rd world producer of gold; 2nd worldwide producer of platinum; 4th worldwide producer of silver; 9th largest world producer of copper; 3rd largest world producer of nickel; 6th largest world producer of lead; 9th largest world producer of bauxite; 3rd largest world producer of sulfur; 4th largest world producer of phosphate; 8th largest world producer of gypsum; in addition to being the world's 10th largest producer of salt. It was the world's 6th largest producer of uranium in 2018.

Russia's agriculture sector contributes about 5% of the country's total GDP, although the sector employs about one-eighth of the total labor force. It has the world's third-largest cultivated area, at 1,265,267 square kilometers (488,522 sq mi). The main product of Russian farming has always been grain, which occupies considerably more than half of the cropland. Russia is the world's largest exporter of wheat, and is the largest producer of barley, buckwheat, oats, and rye, and the second-largest producer of sunflower seed. Owing to its large coastline along three oceans, Russia maintains one of the world's largest fishing fleets, ranking sixth in the world in tonnage of fish caught; capturing 4,773,413 tons of fish in 2018. It is also home to the world's finest caviar (the beluga), and produces about one-third of all canned fish, and some one-fourth of the world's total fresh and frozen fish.

The defence industry of Russia is a strategically important sector and a large employer in the country. Russia has a large and sophisticated arms industry, capable of designing and manufacturing high-tech military equipment, including a fifth generation fighter jet, nuclear-powered submarines, firearms, and short-range/long-range ballistic missiles. It is the world's second-largest exporter of arms, behind only the United States.

Automotive production is a significant industry in Russia, directly employing around 600,000 people or 1% of the country's total workforce. Russia produced 1,767,674 vehicles in 2018, ranking 13th among car-producing nations in 2018, and accounting for 1.8% of the worldwide production. The main local brands are light vehicle producers AvtoVAZ and GAZ, while KamAZ is the leading heavy vehicle producer. In December 2022, the only foreign car manufacturers are eleven Chinese carmakers that have production operations or are constructing their plants in Russia.

Russia's telecommunications industry is growing in size and maturity. As of 2020, 122,488,468 Russians (85% of the country's total population) were Internet users. There are four national mobile phone networks, MegaFon, Tele2, Beeline, and MTS, with total subscriptions between 2011 and 2021 ranging between 200 and 240 million.

Railway transport in Russia is mostly under the control of the state-run Russian Railways. The total length of common-used railway tracks is the world's third-longest, and exceeds 87,157 km (54,157 mi). As of 2016, Russia has 1,452.2 thousand km of roads, and its road density is among the world's lowest. Russia's inland waterways are the world's second-longest, and total 102,000 km (63,380 mi). Among Russia's 1,218 airports, the busiest is Sheremetyevo International Airport in Moscow. Russia's largest port is the Port of Novorossiysk in Krasnodar Krai along the Black Sea. Russia is the world's sole country to operate nuclear-powered icebreakers, which advance the economic exploitation of the Arctic continental shelf of Russia, and the development of sea trade through the Northern Sea Route.

In 2022, construction was worth 13 trillion rubles, 5% more than in 2021. Residential construction in 2022 reached 126.7 million square meters. The 2020-2030 target for construction is 1 billion square meters of housing, 20% of all housing stock to be renovated and to increase space from 27.8 square meters up to 33.3 square meters per person.

According to the Central Bank of Russia, 422 insurance companies operate on the Russian insurance market by the end of 2013. The concentration of insurance business is significant across all major segments except compulsory motor third party liability market (CMTPL). Russian insurance market in 2013 demonstrated quite significant rate of growth in operations. Premiums to GDP ratio (total without CHI) in 2013 increased to 1.36% compared to 1.31 a year before. The share of premiums in household spending increased to 1.39%.

The IT market is one of the most dynamic sectors of the Russian economy. The biggest sector in terms of revenue is system and network integration, which accounts for 28.3% of the total market revenues. Meanwhile, the fastest-growing segment of the IT market is offshore programming. Russia is one of the few countries in the world with a homegrown internet search engine with a significant market share as the Russian-based search engine Yandex is used by 53.8% of internet users in the country.