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It is true that in nominal terms Russia's economy was only a little larger than Italy's before the beginning of Russia's [[Special Military Operation]]. Nominal GDP, however, simply uses current national currency exchange rates with the dollar to compare one nation with another. It thus fails to capture real purchasing power & [[inflation]]. Purchasing Power Parity (PPP) measurements of GDP seek to remedy this, and Russia's GDP PPP, not really needing much foreign currency, is far better even compared to Germany than it is to Italy's. Looking at GDP in PPP terms removes price level differences and allows a better comparison, especially of living standards, between countries. In these terms Russia overtook Germany in the summer of 2023 to become the fifth wealthiest economy in the world and the largest in Europe, worth $5.3 trillion.<ref>https://intellinews.com/russia-overtakes-germany-to-become-fifth-biggest-economy-in-the-world-in-gdp-on-a-ppp-basis-286944/?source=russia</ref>
It is true that in nominal terms Russia's economy was only a little larger than Italy's before the beginning of Russia's [[Special Military Operation]]. Nominal GDP, however, simply uses current national currency exchange rates with the dollar to compare one nation with another. It thus fails to capture real purchasing power & [[inflation]]. Purchasing Power Parity (PPP) measurements of GDP seek to remedy this, and Russia's GDP PPP, not really needing much foreign currency, is far better even compared to Germany than it is to Italy's. Looking at GDP in PPP terms removes price level differences and allows a better comparison, especially of living standards, between countries. In these terms Russia overtook Germany in the summer of 2023 to become the fifth wealthiest economy in the world and the largest in Europe, worth $5.3 trillion.<ref>https://intellinews.com/russia-overtakes-germany-to-become-fifth-biggest-economy-in-the-world-in-gdp-on-a-ppp-basis-286944/?source=russia</ref>
Russian [[GDP]] nominally rose more than any [[G7]] country in 2023. The average Russian household ended the year with about 18% more money in the [[bank]] than a year earlier. Sberbank, Russia’s largest state-controlled bank, posted a 5.5-fold year-on-year net profit jump to a record high of 1.5 trillion rubles (USD $16.3 billion). The defense industry employs 3.5 million people and many factories have doubled their workforce since the beginning of the [[SMO]]. The economic boom is result of defense [[stimulus]] spending, [[Keynesian economics]], a government [[deficit]]s. Compared to the [[United States]], Russia is a piker in the debt markets. The U.S. gas $35 trillion [[national debt]] and growing), nearly a $1 trillion dollar defense budget, does not produce tanks, failed to produce a functional [[hypersonic missile]], incapable of matching Russia’s output of [[artillery]] shells, and has become largely a service economy. The United States is no longer an industrial powerhouse.
==See also==
==See also==