Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Russia Exports: Overview
In 2020, the country’s exports were in distress due to the outbreak of COVID-19 and the prolonged US-China trade war along with a slowdown in the EU region. According to the IMF, the volume of exports shrunk by 7.92% in 2020 as compared to a contraction of 3.36% in 2019.
In 2019, Russia was the largest exporter of mineral fuel and oils in the world according to UN COMTRADE. A large part of the government’s revenues comes from oil and gas exports.
Russia was the largest exporter of mineral fuels and oils in 2019, with a 10.9% share of global oil export. Russia’s second major export item was iron and steel, with a share of 4.2% in 2019, up from 3.3% in 2018. Iron and steel are one of the major industries in Russia and attract significant foreign investment. Pearls were the third largest export commodity, with a share of 3.6% in 2019.
China, Germany, and Belarus were its top three trading partners of Russia. They accounted for 29.67% of total trade in 2019.
Russia Exports as a % of GDP
Exports as a % of GDP of Russia was 24.8% in 2021, while Russia’s exports as a % of GDP decreased by 2.8% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Russia decreased by 16.0%. The exports as a % of GDP were highest in the year 2018 (30.4%), and lowest in the year 2021 (24.8%).
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