At a population of 140 million, the GDP (PPP) achieved in 2008 was USD 2.225 trillion. GDP per capita was at USD 15,800. The agriculture sector contributes 4.1% of GDP, whilst industry and services make up 41.1% and 54.8% of GDP respectively. Unemployment is estimated to be 6.2% in 2008.

Russia’s strong growth for the past 9 years have encouraged Singapore companies to establish their presence in Russia in a variety of sectors, focusing mainly on the high population market centres of Moscow and St Petersburg. Russia’s consumer sector is one of the most dynamic in the world – boosted by double-digit disposable income growth and pent-up demand for affordable quality consumer products in the regions.

Singapore-Russian bilateral trade grew four-fold from S$0.88 billion in 2002, to S$3.8 billion in 2008, such that Russia was ranked as Singapore’s 30th largest trading partner. Since 2000, bilateral trade has increased more than four-fold.

Singapore and Russia have recently concluded its agreement for the avoidance of double taxation on 16 January 2009. The DTA will take effect from 1 January 2010. The Singapore-Russia DTA will further encourage and facilitate cross-border trade and investment by lowering of tax barriers