Since the turn of the century, high oil prices, foreign investment, increasing domestic consumption and political stability have bolstered economic growth. Russia ended 2006 with its eighth straight year of growth, averaging 6.7% annually since the financial crisis of 1998. Russia's 2006 GDP was $1.723 trillion (est. PPP), the 8th highest in the world, with GDP growth of 6.8%. Growth was driven by non-traded services and goods for the domestic market, as opposed to oil or mineral extraction and exports.

Since 2003, exports of natural resources started decreasing in economic importance as the internal market has strengthened considerably. Oil and gas contribute to 5.7% of GDP and the government predicts this will drop to 3.7% of Russia's GDP by 2011.

In the first half of 2007, foreign investment in the Russian economy doubled year-on-year, reaching $60.3 billion. In 2000 total investment in fixed assets was $40 billion, giving growth of 300% by 2006 when it reached $120 billion.

Russia has a very high level of higher education graduates: this contributes to the economic growth. The economic development of the country has been uneven geographically: the Moscow region contributes a disproportionately high amount of the country's GDP. While the huge capital region of Moscow is an affluent metropolis, much of the country, especially indigenous and rural communities in Asian Russia, lags significantly behind. Nevertheless, the middle class has grown from just 8 million in 2000 to 55 million in 2006, estimates Expert, a market research firm in Moscow.

Over the last five years, fixed capital investments have averaged real gains greater than 10% per year and personal incomes have achieved real gains more than 12% per year. During this time, poverty has declined steadily and the middle class has continued to expand. Russia has also improved its international financial position since the 1998 financial crisis. A principal factor in Russia's growth has been the combination of strong growth in productivity, real wages, and consumption. A skilled work-force, including women and minorities, secular attitudes and mobile class structure has set Russia far apart from the majority of developing nations and even some developed nations.

     Sources:
          The World Factbook. CIA. Central Intelligence Agency. Retrieved on 2007-12-26.
          The BEMB Research and Education Trust. Retrieved on 2007-12-27.
          RIA Novosti. Retrieved on 2007-12-27.
          BusinessWeek. Retrieved on 2007-12-27.