With a population of over 140 million, Russia is a 9th largest economy in the world, just marginally smaller than India. According to Rosstat data, foreign trade came to USD 864.7 billion in 2012, a year on year increase of 2.2%. Total exports totaled USD 529.3 billion and imports stood at USD 335.4 billion.
Despite a slight moderation in economic growth, Russia still outperformed most developed countries in 2012. According to the Russian Federal State Statistics Agency (Rosstat) the country’s GDP grew 3.4% in 2012. In addition, the Ministry of Economic Development forecasts 3.6% growth for 2013. Inflation reached 6.6% in 2012, just above the 6.1% record low for 2011. Growth of real disposable income and a rise in consumer spending are key drivers of economic growth in Russia. Thanks to its historically prudent budgetary policies, Russia benefits from a very robust national balance sheet. It is also committed to open and fair market policies, something highlighted when the country became a fully fledged member of the World Trade Organization (WTO) in July 2012.
In 2013 Russia will host the first of a string of major sporting events. In July it will welcome the world to the 2013 Summer Universiade in Kazan, followed by the 2014 Winter Olympics in Sochi and the 2018 FIFA World Cup. These events will provide a significant contribution to the further economic and social development of Russia. In 2014 PwC Russia will celebrate 25 years operating in Russia. Today it has over 2,000 professionals working out of nine offices across the country; this combination of size, range and experience allows us to help our clients to make the most of the many business opportunities that the Russian market offers. PwC has extensive expertise in all major business sectors and dedicated specialists who are ready to offer services that are tailored to meet our clients' business needs.