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8 federal districts
Russian ruble (RUB)
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Importing a standard container of goods into Russia requires:
With over 140 million consumers, a growing middle class, and almost unlimited infrastructure needs, Russia remains one of the most promising markets for UK exporters. Russia is a geographically vast market, spanning nine time zones and encompassing over 17 million square miles. Russia's GDP growth rate for the last five years has substantially exceeded that of most industrially developed countries. Growth is driven by high commodity prices and booming domestic consumer demand.
|Export of goods and services||0.3||1.0||5.1|
|Import of goods and services||20.3||9.5||7.8|
|Short-term interest rates (%)||7.7||7.3||7.6|
|Exchange rate (per £)||51.6||48.7||52.05|
|Unit labour cost||5.0||5.8||19|
|Source: Oxford Economics|
The economy grew by 3.4% last year, however revisions to the profile of GDP indicated that activity was stronger in the second half of 2012 than previously thought, implying an improved base effect for growth this year. Growth over the short term is likely to be driven by domestic demand with households’ purchasing power supported by the continued strength of labour market conditions as the unemployment rate has recently fallen below its pre-crisis trough. The economy is expected to grow by 3.2% this year, followed by 3.9% in 2014.
The economy remains dominated by the oil and gas sector, which accounts for around 15% of GDP and some 65% of export earnings. Russia is primarily a commodities exporter and this position will be maintained. Russia’s primary import sectors are cars, car components, pharmaceuticals, computers and consumer electronics. Russia’s main trade partners include China, the Netherlands, Germany, Italy and Japan with expected trade with all of them set to increase in volume terms over the next 15 years.
Emerging middle class
Large domestic market
Uneven economic development
2014 Sochi Winter Olympic Games & FIFA World Cup 2018
Oil & gas
Advanced engineering and manufacturing technologies
Falling oil prices
The Russian Government is putting a lot of effort into attracting more investment into the country. The Government’s economy modernisation and infrastructure development agenda together with an increasing consumer appetite for quality services and goods make Russia a very attractive target for British exports. Western goods and expertise remain in demand. The most promising opportunities for UK companies are in the advanced engineering, financial services, IT, energy, sports & leisure, infrastructure (particularly the Sochi 2014 Winter Olympics) and construction.
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