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Russia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
142,257,519 (July 2017 est.)GDP (PPP)
$4 trillion (2017 est.)The largest economy in Eastern Europe
GDP growth rate
1.8% (2017 est.)The Country is recovering from two years of recession in 2015 and 2016
GDP (PPP) per capita
$27,900 (2017 est.)Medium
Local currency
Russian ruble (RUB)Weak currency dependent on commodity prices, since the export of commodities is the main engine of the Russian economy
Financial stability (Public debt)
11.8% of GDP (2017 est.)Very low, taking into account that the data cover both federal and subnational governement debt
Inflation
4.2% (2017 est.)Medium to high level, it has slowed from 7% in 2016
Language
RussianEnglish is not spoken nor is it used on signs, which are all in cyrillic (Russian alphabet)
Corruption perception index (Source: Transparency International)
135/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
Goods and services supplied or imported in Russia are subject to VAT at 18% (with a lower rate of 10% applicable to certain basic foodstuffs, medicines and medical products, etc.)
Corporate Tax
20% (can be reduced to 15.5% in some states)
Duties
Import VAT applies
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