Russia has become the fourth-largest economy in the world by purchasing power parity (PPP) and the largest in Europe, according to 2026 estimates based on International Monetary Fund forecasts.

Russia’s GDP based on PPP is projected at around $7.34 trillion in international dollars, behind China ($43.49 trillion), the United States ($31.82 trillion) and India ($19.14 trillion). Japan and Germany ranked fifth and sixth with $6.92 trillion and $6.32 trillion respectively.

PPP compares the size of economies by accounting for differences in prices and the amount of goods and services that can be purchased domestically, rather than using exchange rates alone.

Deputy Prime Minister Alexander Novak has previously stated that Russia’s economy is increasingly oriented toward domestic demand, with the contribution of net exports to economic growth declining significantly over the past five years.