Economy in 1914

• Russia had grown but less quickly than other European countries.

  • There was a 50% increase in national income from 1894-1913 compared to a 70% increase in Britain, 79% in Austria-Hungary and 121% in Italy.
• Russia's foreign trade in 1913 was valued at £190 million compared to £1.22bn in Britain and £1.03bn in Germany.
• In terms of production, state revenue, the number of factories and factory workers, the economy was growing.

  • The population was also growing rapidly with a 30 million increase between 1897 and 1913.
• Modernisation was limited to certain areas such as Moscow, St Petersburg and Baku.
• World War I would offer the ultimate test of the Russian economy and it wasn't up to the task.

  • Stolypin was right in saying that 20 years of peace were needed.