Russia's Economy Has Shrunk So Much It's Now Almost The Same Size As Spain

[Gabriel92]

Russia Economy GDP v Spain - Business Insider

The decline in the price of oil, Western economic sanctions against the nation following its invasion of Ukraine, and the collapse of the Russian rouble that resulted, has decimated Russia's economy.

Now Russian GDP has shrunk so much it is no longer the world's eighth largest economic power, according to The Telegraph. Instead, Putin's Russia is now carries roughly the same economic weight as ... Spain:

Russia has lost its ranking as the world’s eighth biggest economy, shrinking in just nine months from a $2.1 trillion petro-giant to a mid-size player comparable with Korea or Spain.

For the past several years, Spain has been regarded as one of Europe's more feeble economies, with 1 in 4 Spaniards unemployed. Spain's GDP was about $1.4 trillion in 2013, according to the World Bank. Spain was the 13th biggest economy on the planet until Putin ordered tanks into the Crimea.

Now it is likely that Italy, India, Canada, and Australia are all more economically significant than Russia. Here was the World Bank's GDP ranking for 2013, before Russia went into its current crisis. The numbers are in billions of US dollars:

1 United States 16,800,000
2 China 9,240,270
3 Japan 4,901,530
4 Germany 3,634,823
5 France 2,734,949
6 UK 2,521,381
7 Brazil 2,245,673
8 Russia 2,096,777
9 Italy 2,071,307
10 India 1,876,797
11 Canada 1,826,769
12 Australia 1,560,597
13 Spain 1,358,263
14 S Korea 1,304,554
15 Mexico 1,260,915

It's not clear what Russia's GDP equivalent is right now because the decline of the rouble has been so swift and volatile that the calculation needs to be done anew every day. On Monday the rouble experienced its largest one-day flop since the 1998 Russian crisis.

Of course, this may all be temporary. The price of oil has sunk to just above $68 a barrell (for WTI), dragging the oil-dependent Russian economy with it. If the price perks up, Russia can expect to make its way back up the GDP charts.

Western Propaganda i bet

 

[Superboy]

Electronic money is worthless these days. Money used to be real when it was silver and gold which were limited in supply. A digital number is meaningless because it's infinite. Electronic money does not affect war production, as we have clearly seen with Germany pumping out war machines throughout WW2 despite having no so called economy.

 

[Galad]

OP why not post data for " mighty " French economy?Just for us to make comparisons and see for ourselves who is better off.

 

[Superboy]

OP why not post data for " mighty " French economy?Just for us to make comparisons and see for ourselves who is better off.

France is a small weak country. Who cares what France's so called economy is?

 

[Galad]

France is a small weak country. Who cares what France's so called economy is?

True .As one French minister has said not long ago-France has lived well beyond her means for 40 years.France debt to GDP ratio is steadily rising and will hit 100% in few years.And yeah France gonna receive a good spanking from her masters in Brussels over the budget(France trying once again to live well beyond her means).

 

[flamer84]

OP why not post data for " mighty " French economy?Just for us to make comparisons and see for ourselves who is better off.

France is much better off because it's allready a developed economy while Russia is a transit-developing one.And,they ain't developing much lately,on the contrary.

 

[Gabriel92]

OP why not post data for " mighty " French economy?Just for us to make comparisons and see for ourselves who is better off.

We don't have oil and gas.
Even with that,Russia isn't richer,without that,Russia will be like some african countries

 

[Skull and Bones]

This is sad, Russia should decrease it's oil production for the time being, and wait till the price come up.

 

[The Huskar]

This is sad, Russia should decrease it's oil production for the time being, and wait till the price come up.

But they would lose valuable costumers to others then.
On a side note, can you please tell me if India imports any oil from Russia?
Thank you.

 

[Skull and Bones]

But they would lose valuable costumers to others then.
On a side note, can you please tell me if India imports any oil from Russia?
Thank you.

I don't think so, the path it'd have to traverse makes it uneconomical. We get majority of our requirement from gulf and Iran.

 

[Mahmoud_EGY]

Electronic money is worthless these days. Money used to be real when it was silver and gold which were limited in supply. A digital number is meaningless because it's infinite. Electronic money does not affect war production, as we have clearly seen with Germany pumping out war machines throughout WW2 despite having no so called economy.

also we have seen the end of the soviet union because the economy i support russia too but we have to be honest with ourselves

 

[MarkusS]

This is sad, Russia should decrease it's oil production for the time being, and wait till the price come up.

It can´t. Russia does not have the technology to shut down its oil wells.

 

[Solomon2]

The GDP numbers are of limited utility because they don't include wealth looted from conquered territories in Georgia and Ukraine and the increased value of Russian-controlled real estate. Correct for that and the numbers would be higher - perhaps much higher.

 

[Superboy]

Russia and the US are the only high tech oil countries. They are not reliant on selling oil. Most of their exports are high tech products like arms.

 

[senheiser]

Russia Economy GDP v Spain - Business Insider



Western Propaganda i bet

who cares about Dollar numbers, Russia is as big as italy and france together.
GDP, PPP (current international $) | Data | Graph

Also russian nominal gdp wont sink that much due to oil exported in dollars and foreign currency, look at IMF estimates