page_title: Economy of Russia
section_title: Recovery and growth (1999–2008)
hierarchical_section_title: Economy of Russia / Economic history / Recovery and growth (1999–2008)
caption_attribution_description: English: Ten-day moving average of prices of NYMEX Light Sweet Crude, taken from data at the New Mexico Institute of Mining and Technology. Prices are nominal (not adjusted for inflation). See also thumb|left|NYMEX Light Sweet Crude Oil daily prices from 2005 to 2008-12-02 in US dollars File:Brent_Spot_monthly.svg
context_page_description: The economy of Russia is an upper-middle income mixed and transition economy. It is the fifth-largest national economy in Europe, the eleventh-largest nominal GDP in the world, and the fifth-largest by purchasing power parity.
  Russia's vast geography is an important determinant of its economic activity, with some sources estimating that Russia contains over 30 percent of the world's natural resources. The World Bank estimates the total value of Russia's natural resources at $75 trillion US dollars. Russia relies on energy revenues to drive most of its growth. Russia has an abundance of oil, natural gas and precious metals, which make up a major share of Russia's exports. As of 2012, the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues and over 70% of total exports. Russia is considered an "energy superpower". It has the world's largest proven natural gas reserves and is the largest exporter of natural gas. It is also the second-largest exporter of petroleum.
context_section_description: Russia bounced back from the August 1998 financial crash with surprising speed. Much of the reason for the recovery was the devaluation of the ruble, which made domestic producers more competitive nationally and internationally.
  Between 2000 and 2002, there was a significant amount of  pro-growth economic reforms including a comprehensive tax reform, which introduced a flat income tax of 13%; and a broad effort at deregulation which improved the situation for small and medium-sized enterprises.
  Between 2000 and 2008, Russian economy got a major boost from rising commodity prices. GDP grew on average 7% per year. Disposable incomes more than doubled and in dollar-denominated terms increased eightfold. The volume of consumer credit between 2000–2006 increased 45 times, fuelling a boom in private consumption. The number of people living below poverty line declined from 30% in 2000 to 14% in 2008.
  Inflation remained a problem however, as the central bank aggressively expanded money supply to combat appreciation of the ruble. Nevertheless, in 2007 the World Bank declared that the Russian economy achieved "unprecedented macroeconomic stability". Until October 2007, Russia maintained impressive fiscal discipline with budget surpluses every year from 2000.
caption: Oil prices in the 2000s
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