Economy

Since the dissolution of the Soviet Union, the country has undergone major transformations in its economy, previously isolated and central planning, moving to be integrated globally as a market economy. With the exception of energy and military sectors, much of its industry is privatized from 90 reforms.

The private sector is still subject to state intervention.

As for the industry, it is based largely on the production and export of raw materials such as oil, natural gas, steel and aluminum. There are also smaller industries that depend on domestic consumption. Many of the leading companies in exporting these resources worldwide are based in Russia.

This will produce a dependence on the state of the global economy, making it vulnerable to fluctuations and economic crisis. In a globalized world, this situation is common to countries that are integrated in the economic system, as in the case of Russia.

The services sector represented by retail, advertising and tourism contributes significantly to GDP and employs over 45 million people.

Agriculture has lost importance, with only ten percent of the labor force working on it.

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