section_path: Economy/Overview
section_name: Overview
paragraph_text: Overview
  
  Moscow has one of the largest municipal economies in Europe and it accounts more than one-fifth of Russia's gross domestic product (GDP). As of 2021, the GRP of Moscow reached almost ₽24.5 trillion(US$ 332 billion). GMP of Moscow Region was ₽31.3 trillion or around US$425 billion.
  
  The average gross monthly wage in the city is ₽123,688 (US$ 2,000), which is around twice the national average of ₽66,572 (US$ 1,000), and one of the highest among the federal subjects of Russia.
  
  Moscow is home to the third-highest number of billionaires of any city in the world, and has the highest number of billionaires of any city in Europe. It is the financial center of Russia and home to the country's largest banks and many of its largest companies, such as oil giant Rosneft. Moscow accounts for 17% of retail sales in Russia and for 13% of all construction activity in the country. Since the 1998 Russian financial crisis, business sectors in Moscow have shown exponential rates of growth. Many new business centers and office buildings have been built in recent years, but Moscow still experiences shortages in office space. As a result, many former industrial and research facilities are being reconstructed to become suitable for office use. Overall, economic stability has improved in recent years; nonetheless, crime and corruption still hinder business development.