What are the main parts of Russia's economy? Russia's gross domestic product (GDP) is mainly composed of three sectors: agriculture, industry, and service. Agriculture contributes about 5.6% to GDP, followed by industry and service, which contribute 26.6% and 67.8%, respectively.
Russia usually follows a bi-monthly payment cycle. Salaries must be paid to Russian employees at least once every half month. The date of compensation is usually predetermined in the employment contract.
The service sector accounts for over half of all jobs in Russia, with retail, tourism, health, and education among the most important service segments. Mining, manufacturing, and construction are the biggest industrial sectors.
The share of Russians who own an apartment or a house is relatively high and amounts to about 54 percent. About 11 percent reside in a rented apartment or house. The rest live with their relatives or friends. There are several major types of apartment blocks common in Russia.
Russia Annual Household Income per Capita reached 7,932.623 USD in Dec 2022, compared with the previous value of 6,561.323 USD in Dec 2021. Russia Annual Household Income per Capita data is updated yearly, available from Dec 1992 to Dec 2022, with an averaged value of 5,523.525 USD.
Minimum Wage Updated in Russia from 01 January 2023 - January 01, 2023. The minimum wages have been revised in Russia with effect from 01 January 2023. The federal minimum wage has changed from RUB15,279.00 to RUB16,242.00 per month. The minimum wages for all regions and territories have also been revised.
Housing costs in Russia
According to Numbeo, a one-bedroom flat in the center of Moscow costs 50,000 p. to 100,000 p. Meanwhile, outside the city center, prices are, on average, 40,000 p. For a three-bedroom apartment in Moscow city center, you can expect to pay about 145,000 or 75,000 on the outskirts.
Most Russians were factory workers who earned low wages in manufacturing.
Average Household Size in Russia
Russia had an average household size of 2.46 people in 2021. The indicator recorded a year-on-year decline of 0.4% in 2021. Between 2010 and 2021, the indicator decreased by 6.1%.
Many traditional homes are built of wood and have a peaked roof and window frames decorated with carvings. “Izba”, single-story wooden cottages, are the traditional Russian dwelling. They are still common in the countryside. They have"wooden window frames and eaves and small kitchen gardens.
As of 2022, surgeons ranked first in the list of highest-paying professions in Russia with an average monthly salary of 386 thousand Russian rubles. Judges ranked second, earning 324 thousand Russian rubles on average per month.
The average nominal salary in Russia was measured at approximately 57.2 thousand Russian rubles per month in 2021, marking an increase of 5.9 thousand Russian rubles compared to the previous year.
What is average wage in Russia? Average Wages in Russia increased to 65094 RUB/Month (799.419 USD/Month) in February 2023. The maximum rate of average wage for employees was 69278 RUB/Month and minimum was 0 RUB/Month. Data published Monthly by Ministry for Economic Development.
The funds you pay entitle you to claim certain Russian social welfare benefits, such as unemployment benefits, basic healthcare in Russia, maternity and child benefits, and a Russian pension, although conditions apply.
As of January 2021, tax residents pay a 13% tax rate on an annual income of up to 5 million p. Income above this limit is subject to 15% taxes. Meanwhile, Russian-sourced income is taxed at 30% for non-residents. Self-employed persons pay 4-6% on turnover.
European Russia accounts for about 75% of Russia's total population.
Russia is a multinational state, home to over 193 ethnic groups nationwide. In the 2021 Census, roughly 81% of the population were ethnic Russians, 19% of the population were ethnic minorities.
Russian culture is non-individualistic. The power of an individual in Russia is much less than in the west and most deals are pushed through family, friends and acquaintances. A famous Russian saying is, "One is not a soldier in the battlefield." In Russia, it is necessary to know people in power to make things work.
Russia has 110 official billionaires in the list, up 22 from last year, according to Forbes' Russian edition, which said their total wealth increased to $505 billion from $353 billion when the 2022 list was announced.
The main occupation of the Russians was agriculture. Being the largest sector in the Russian system, Agriculture played an important role in the Russian economy.
On average, doctors in Russia earned approximately 102.2 thousand Russian rubles per month in 2022.