In 2019, Russia's economy is good and bad, with flaws and bright spots. The bright spot is that in 2019 Russia's agricultural and industrial development overtook the energy industry, making the Russian economic structure further optimized. According to the data, Russia's grain production has reached 100 million tons in the first 11 months, up 10 million tons from the total for the full year of 2018.
In addition, Russia has increased its exports of pork, poultry, fish, fruit, vegetables and other agricultural products in 2019, with total exports expected to reach $25 billion, up 4 percent year on year. Russian industrial production increased% year-on-year in the first 11 months of 2019. In line with current trends, Russian industrial production growth continued to fluctuate between% and% throughout 2019.
The drawback is that the Russian economy as a whole remains low. Russia's GDP grew only about% year-on-year in the first three quarters of 2019, and even if it is expected to grow at% in the fourth quarter, it is expected to grow only about% for the whole of 2019.
Nansheng notes that russia's oil and gas export revenues have shrunk sharply compared with previous years, slowing economic growth as a result of a cut-off deal with opec and falling prices. This means that Russia ' s current economic growth remains heavily dependent on the energy industry. Other sectors do not have sufficient weight in the national economy, except for a few sectors, are only weak growth, lack of sustained economic impetus.
Russia's nominal GDP is expected to be $trillion in 2019, according to the International Monetary Fund (IMF)– and while Russia's growth rate is "positive ", the depreciation of the ruble has led to a slight decline in its GDP from $trillion in 2018.
Likewise, Russia's per capita GDP in 2019 is projected to fall to $10,000 from $10,000 a year earlier – below the level of the global per capita ($10,000 per capita by 2019) forecast by the IMF. This means that per capita GDP in the BRICS is below the global average in 2019.
According to the IMF, China's economy could total up to $1 trillion (the economy is growing at around%) in 2019, with per capita GDP exceeding $10,000, still somewhat lower than Russia's per capita GDP and the global average.
Brazil's economy is expected to grow at about% in real terms in 2019, with a total GDP of about $trillion completed and per capita GDP down to $8800– at $10,000 in previous years. In just two or three years, the devaluation of the currency caused per capita GDP to fall by more than $1,000 as a result of the economic crisis.
South Africa's economy continues to grow at a slow pace (around%) in 2019, with GDP per capita projected at around $6100($368bn), while India's economy has come under intense pressure in 2019, with real growth falling from more than 7% in the past to% in the third quarter.
India's economic growth in the fourth quarter of 2019 is still not ideal, according to the data now available, so it is highly likely that the real growth rate in 2019 will be below 5%. Mr Nan believes India's gross domestic product this year is around $trillion, with per capita GDP expected to range from $2,100 to $2,200.