Russia demonstrated the largest gross domestic product (GDP) in Eurasia and the Commonwealth of Independent States (CIS) in 2024, at approximately *** trillion U.S. dollars. To compare, Kazakhstan's GDP was measured at around *** billion U.S. dollars in the same year. Tajikistan had the lowest GDP in Eurasia, at ** billion U.S. dollars. Commonwealth of Independent States The CIS is an organization of post-Soviet states founded after the collapse of the Union of Soviet Socialist Republics (USSR) in 1991. Its official members are Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, and Uzbekistan. Energy in the CIS Several countries in the CIS are among the leading energy producers and exporters, such as Russia, Kazakhstan, and Azerbaijan. In 2023, the CIS countries exported around *** million barrels of oil daily. The region's overall primary energy consumption exceeded ** exajoules in 2023, which was close to the figure recorded for the Middle East.
The regional economy of the Commonwealth of Independent States (CIS), including Georgia, Turkmenistan, and Ukraine, was estimated to have 3.3 percent in 2023. The gross domestic product (GDP) of several countries in the region was negatively impacted by the Russia-Ukraine war that began in February of that year. For instance, the Belarusian economy was estimated to have regain around 0.7 percent of its GDP in 2025.
Russia was the largest economy in Eurasia, estimated to occupy *** percent of the world's gross domestic product (GDP) based on purchasing power parity (PPP) in 2024. Other countries in the region contributed significantly less to the global economy. In total, the presented Eurasian countries were estimated to represent over five percent of the global economy in 2024.
Russia had the highest gross domestic product (GDP) per capita based on purchasing-power-parity (PPP) in Eurasia in 2024, at approximately ****** 2017 international U.S. dollars. It was followed by Kazakhstan and Belarus. The lowest figure in the CIS region was estimated in Tajikistan.
Uzbekistan had the highest ratio of investment to gross domestic product (GDP) among the presented Eurasian countries in 2024, at almost 35 percent. It was followed by Kazakhstan, where gross capital formation at market prices comprised approximately 28.5 percent of GDP.
Russia spent the largest share of its gross domestic product (GDP) on research and development among the countries in the Commonwealth of Independent States (CIS), at 1.25 percent in 2021. Belarus ranked second, with a share of 0.6 percent of GDP.
According to the projections, the gross domestic product (GDP) of the Commonwealth of Independent States (CIS) would be slightly positively impacted by the increased tariffs by the United States up until April 14, 2025. Furthermore, the real trade value would only see a decline in the projected growth rate for 2025 if the trade policy uncertainty (TPU) spread beyond the United States.
Russia had the highest GDP per capita based on purchasing-power-parity (PPP) among the presented Eurasian countries between 2010 and 2023 and was forecast to remain in the leading position in the following years. However, Kazakhstan was predicted to close the gap with Russia slowly by 2029. What are the largest economies in Eurasia? At an estimated *** trillion U.S. dollars, Russia had the largest GDP among the Eurasian countries in 2024. The country generated most of its wealth through its energy sector, given that a high percentage of its industrial and agricultural sectors was privatized in the 1990s. Ranking second and third were Kazakhstan and Ukraine, whose GDP amounted to approximately *** billion U.S. dollars and *** billion U.S. dollars, respectively. Looking at national debt, Ukraine demonstrated the highest ratio to GDP, at over ** percent in 2024. Despite exhibiting the second-lowest figure in the region, Russia’s national debt was forecast to increase in the years until 2029. Inflation in Eurasia The highest inflation rate in Eurasia was recorded in Uzbekistan, at around ** percent in 2024. It was followed by Kazakhstan and Russia, where consumer prices were estimated to grow by approximately *** percent and *** percent relative to the previous year, respectively. As of January 2024, monthly expenses on the basic food basket occupied around ** percent of the official minimum wage in Moldova. At the same time, in Uzbekistan, the minimum wage was just enough to cover basic food expenses.
Remittances received by Tajikistan were estimated to make up over ** percent of the country's gross domestic product (GDP) in 2022. That was the highest dependency rate on remittances among European and Central Asian countries. In total, Tajikistan's remittances were measured at *** billion U.S. dollars in that year. In Ukraine, remittances made up ** percent of GDP.
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Sample characteristic % (95% CIs)†.
In 2024, Ukraine's estimated national debt amounted to nearly 96 percent of its gross domestic product (GDP), which was the highest ratio among the Eurasian countries. Armenia and Kyrgyzstan ranked second and third, with national debts amounting to approximately 52 percent and 42 percent of their GDP, respectively. The debt-to-GDP ratio is an indicator of a country’s ability to produce and sell goods in order to pay back any present debts. A higher ratio means that a country does not produce enough to pay off its debt, whereas a lower ratio indicates enough economic activity to make debt payments.
The gross domestic product (GDP) of the countries that were part of the European Commission's Eastern Neighborhood Policy and Central Asian countries was forecast to grow by over **** percent in 2025. The overall region's GDP grew despite having been negatively impacted by the Russian invasion of Ukraine that began in 2022. The latest data shows that the GDP growth is expected to be *** percent in 2026.
The services sector accounted for the largest share of gross domestic product in Uzbekistan, exceeding ** percent in the first nine months of 2024. The second-largest GDP share was occupied by the industry sector, followed by agriculture, forestry, and fishery.
In every year of the observed period, the sum of internal and international immigrants exceeded that of emigrants in Russia. In 2023, the emigrant count saw a decrease from the previous year. In aggregate terms, migration flows steadily decreased from 1990 to 2009. After 2010, the figures for in- and outflows started to recover. Why do Russians emigrate? A year after the Russia-Ukraine war began, more than one in ten Russians expressed their willingness to emigrate. The desire to provide children with a decent future was the leading reason for emigration, as cited by ** percent of respondents who were willing to leave the country. The allegedly worsening economic situation in Russia and high-quality medicine abroad also ranked high. Among those who emigrated in 2022, the majority chose the Commonwealth of Independent States (CIS) countries or countries near the CIS region. Incentives to migrate to Russia One of the countries with the largest gross domestic product (GDP) worldwide, Russia remains a popular immigration destination. In 2023, nearly ******* people came to Russia from Tajikistan. Further ****** and ****** arrived from Kyrgyzstan and Ukraine, respectively. Russia’s visa-free regime with most post-Soviet states eases the entry into the country. For example, citizens of Armenia, Belarus, Kazakhstan, and Kyrgyzstan have the right to employment in Russia without obtaining a work permit. Citizens of Azerbaijan, Moldova, Tajikistan, Ukraine, and Uzbekistan can enter Russia visa-free and obtain a work patent upon arrival.
In 2021, Russia exported around 55.5 billion U.S. dollars' worth of natural gas to other countries worldwide. The export value more than doubled compared to the previous year. The highest natural gas export value over the observed period was recorded at 69.11 billion U.S. dollars in 2008. Gazprom's monopoly in Russian gas export Gazprom is a Russian energy corporation established in 1989 and co-owned by the government. The company has the monopoly on the country's gas export market through a clause in the Federal Tax Code, thus limiting access of domestic competitors, such as Rosneft and Novatek, to international markets. The leading gas company in Russia, Gazprom is also the global leader in gas production by output, measured at nearly 40 billion cubic feet daily in 2020. Besides exploration and production, the company is engaged in marketing, transportation, distribution, and other supply chain components. In 2019, Gazprom accounted for nearly 11 percent of the world's natural gas output. The company is an example of a national champion, as the corporation advances Russia's interests and accounts for over five percent of the country's GDP. Gas exports from Russia to China Russian gas exports to non-CIS countries, including China, saw a decrease in 2019 and 2020. In May 2014, Russia signed a 400 billion U.S. dollars contract with China, the biggest natural gas deal since the collapse of the USSR. Under the contract, Gazprom was to annually supply 38 billion cubic meters of natural gas for over 30 years at a cost of 350 U.S. dollars per thousand cubic meters. In 2019, Gazprom commenced the first pipeline gas supplies to China via the pipeline Power of Siberia. In February 2022, Gazprom and Chinese CNPC agreed on a 30-year gas supply deal, increasing supplies by 10 billion cubic meters per year.
Russia produced over 586 billion cubic meters of natural gas in 2023, having decreased the volume by approximately five percent compared to the previous year. It ranked as the second-largest producer of this fossil fuel worldwide. How has COVID-19 affected the Russian natural gas production? The global coronavirus (COVID-19) pandemic led to a decline in the U.S. natural gas prices and a higher demand for liquified natural gas (LNG), which meant increased competition for Russian energy producers. Furthermore, European countries were forecast to see a decrease in natural gas demand due to the lockdown. Russia's major company in the industry, Gazprom decreased its export volume to non-CIS countries in Europe to 175 billion cubic meters in 2020. How much natural gas does Russia export? Russia exported around 125 billion cubic meters of natural gas via pipelines in 2022. The export volume of liquefied natural gas (LNG) in the country reached 40 billion cubic meters in the same year. The major export destination of the Russian natural gas was China, which was followed by Turkey and Germany.
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Russia demonstrated the largest gross domestic product (GDP) in Eurasia and the Commonwealth of Independent States (CIS) in 2024, at approximately *** trillion U.S. dollars. To compare, Kazakhstan's GDP was measured at around *** billion U.S. dollars in the same year. Tajikistan had the lowest GDP in Eurasia, at ** billion U.S. dollars. Commonwealth of Independent States The CIS is an organization of post-Soviet states founded after the collapse of the Union of Soviet Socialist Republics (USSR) in 1991. Its official members are Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, and Uzbekistan. Energy in the CIS Several countries in the CIS are among the leading energy producers and exporters, such as Russia, Kazakhstan, and Azerbaijan. In 2023, the CIS countries exported around *** million barrels of oil daily. The region's overall primary energy consumption exceeded ** exajoules in 2023, which was close to the figure recorded for the Middle East.