Russia PESTLE Insights – A Macroeconomic Outlook Report

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Metropolitan areas of Moscow and Saint Petersburg account for nearly 19.7% of Russia’s population and 40.1% of its GDP in 2023, according to GlobalData’s cities database.

In November 2023, the government announced to invest RUB1.3 trillion ($15.4 billion) to foster development in Russia railways infrastructure in 2024.


Mining, manufacturing and utilities activities contributed 31.0% to the gross value added (GVA) in 2023, followed by financial intermediation, real estate and business activities (22.2%), wholesale, retail and hotels (13.2%). In nominal terms, the three sectors are expected to grow by 4.6%, 4.6% and 4.4%, respectively, in 2024.

Key Highlights

The IMOEX index has been on an upward trend. As of March 5, 2024, the index stood at 3,266.7, compared to 2,272.2 on March 05, 2023.

Reasons to Buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.


Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

War and Sanctions on Russia – An Update

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape



Exhibit 1: Russia’s performance in country risk analysis in comparison to East Europe and World average

Exhibit 2: Performance overview (score: 0-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: IMOEX index, (March 2023 – March 2024)

Exhibit 5: Key sectors contribution to the economy (2019-26f)

Exhibit 6: FDI inflows and outflows (2018-22), FDI inward stock and outward stock (2018-22)

Exhibit 7: Greenfield FDI projects and net cross border M&A deals in Russia (2018-22)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2019-26f)

Exhibit 10: Real GDP growth rate comparison (2023e)

Exhibit 11: Volume of exports and imports growth (2019-26f)

Exhibit 12: Current account balance (2019-26f)

Exhibit 13: Top three commodity exports, % of total exports (2018-22)

Exhibit 14: Mineral fuels, mineral oils and products of their distillation, % of world total (2022)

Exhibit 15: Interest rates (February 2019 – February 2024)

Exhibit 16: Exchange rate and inflation (2019-26f)

Exhibit 17: Public finance (2019-26f)

Exhibit 18: General government debt (2019-26f)

Exhibit 19: Unemployment rate (2019-26f)

Exhibit 20: Average annual wages (2019-26f)

Exhibit 21: Labor cost index (2019-26f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)

Exhibit 26: Number of patents granted per million population (2022)

Exhibit 27: High technology exports, % of manufactured exports (2022)

Exhibit 28: Rule of law index (rankings) 2023

Exhibit 29: Corruption perceptions index (rankings) (2023)

Exhibit 30: Renewable energy, installed capacity (2019-23e)

Exhibit 31: CO2 emissions (2018-22)


List of Figures

Exhibit 1: Russia’s performance in country risk analysis in comparison to East Europe and the World average

Exhibit 2: Performance overview (score: 1-100)

Exhibit 3: Broad categories and weights behind the Index

Exhibit 4: Russia stock index (December 2021 – December 2022)

Exhibit 5: Exchange rate (December 2021 – December 2022)

Exhibit 6: Key sectors’ contribution to the economy

Exhibit 7: FDI inflows to Russia, FDI outflows from Russia, and FDI inward stock, FDI outward stock (2017-21)

Exhibit 8: Value and number of Greenfield FDI projects in Russia and of net cross border M&As purchases in Russia (2017-21)

Exhibit 9: Key infrastructure indicators

Exhibit 10: Real GDP and household consumption growth rate (2017-24f)

Exhibit 11: Real GDP growth rate comparison (2021)

Exhibit 12: Export, import and trade balance (2017-24f)

Exhibit 13: Current account balance (2017-24f)

Exhibit 14: Top three commodity exports, % of total exports (2017-21)

Exhibit 15: Mineral fuels and oils, % of world exports (2021)

Exhibit 16: Interest rates (December 2017 – December 2022)

Exhibit 17: Exchange rate and inflation (2017-2024f)

Exhibit 18: Public finance (2017-24f)

Exhibit 19: General government debt (2017-24f)

Exhibit 20: Unemployment rate (2017-24ff)

Exhibit 21: Average annual wages (2017-24f)

Exhibit 22: Labor cost index (2017-24f)

Exhibit 23: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 24: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 25: Gender split (1995, 2005, 2015, 2025)

Exhibit 26: Internet users % of total population, mobile penetration rate and broadband penetration rate (2020)

Exhibit 27: Number of patents granted per million population (2020)

Exhibit 28: High-technology exports (% of manufactured exports) (2021)

Exhibit 29: Doing business in Russia (2020)

Exhibit 30: Corruption perceptions index (rankings) (2021)

Exhibit 31: CO2 emissions (2017-21)

Frequently asked questions

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