Energy production is at the core of economic growth. Since, no one really knows how big Russia’s economy is, I attempted to use electricity production to estimate its possible size.
Russia has produced 1,090 billion kWh of electricity in 2018. It means that Russia consumes 3.7 times less electic than the US, with about 2.1 less population.
In 2018, about 4,034 billion kilowatthours (kWh) (or 4.03 trillion kWh) of electricity were generated at utility-scale facilities in the United States.
Economy of the United States
|Fiscal year||October 1, 2017 – September 30, 2018|
|GDP||$20.66 trillion (Q3 2018)|
|GDP rank||1st (nominal) 2nd (PPP)|
This estimation places Russia’s economy in the rage of $5.58 trillion. 4,034 divided 1,090 = 3.7 and $20.66 trillion divided 3.7 = $5.58 trillion
In comparison, #2 per the Financial Adviser magazine, China’s economy in 2018 was $14 trillion, In 2018, #3 Japan’s economy was $4.87 trillion. #4 The German economy is $4.2 trillion and expected to reach only $6.1 trillion by 2050.
Japan produces 1,101 billion kWh
Canada 712 billion kWh
Germany 653 billion kWh
As we can see on an example of the Financial Adviser magazine, Russia’s economy is not even mentioned on their Top 10 economies chart. The declared size of national economy is important, since its estimation determines how much voting power a country gets in the global financial organizations.
Russia’s economy is the 3rd in the world, and it’s not even being mentioned.