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Economy

Russia's economy went into precipitous decline with the break-up of the Soviet Union in 1991. While state-owned industries were auctioned off to entrepreneurs at rock-bottom prices, people on fixed incomes faced a sharp drop in their standard of living.

The low point was 1998, when an economic crisis led to a big devaluation of the rouble. Recently, soaring oil revenues have boosted state coffers and led to an economic recovery, with Russia paying off its international debts.

But Russia's economy is still much smaller than other G8 countries, and measured by income per capita, income is less than one-tenth of G8 levels.

Graph showing decline in Russian economy after the end of the Soviet Union and its rise since its economic crisis of 1998

Graphs showing Russia's gross national income and GNI per capita compared with other G8 countries

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