Dispelling Myths About the Russian Economy: Specially for Commentators
While mineral extraction plays a significant role in Russia's GDP structure, its share varies. In 2023, the sector's contribution to GDP declined, not for the first time though.
Russia's industrial production is growing, with the main driver being manufacturing rather than mineral extraction. From January to May 2024, mineral extraction showed a slight increase of 0.1% year-on-year, while manufacturing grew by 8.8%.
The production of computers, electronics, and optical products grew by 39% year-on-year, indicating significant growth rates and pointing to economic diversification.
Over the past five years, mineral extraction has decreased by 2.2%, whereas manufacturing has increased by 29.6% during the same period, showing a gradual reduction in the economy's dependence on the raw materials sector.
The largest contributions to industrial production growth came from the production of computers and optical products, fabricated metal products, and motor vehicles.
Thus, the dependence of the Russian economy on mineral extraction is gradually decreasing, giving way to manufacturing and high-tech industries.
Sources:
- Rosstat
- TAdviser
- Bankiros
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While mineral extraction plays a significant role in Russia's GDP structure, its share varies. In 2023, the sector's contribution to GDP declined, not for the first time though.
Russia's industrial production is growing, with the main driver being manufacturing rather than mineral extraction. From January to May 2024, mineral extraction showed a slight increase of 0.1% year-on-year, while manufacturing grew by 8.8%.
The production of computers, electronics, and optical products grew by 39% year-on-year, indicating significant growth rates and pointing to economic diversification.
Over the past five years, mineral extraction has decreased by 2.2%, whereas manufacturing has increased by 29.6% during the same period, showing a gradual reduction in the economy's dependence on the raw materials sector.
The largest contributions to industrial production growth came from the production of computers and optical products, fabricated metal products, and motor vehicles.
Thus, the dependence of the Russian economy on mineral extraction is gradually decreasing, giving way to manufacturing and high-tech industries.
Sources:
- Rosstat
- TAdviser
- Bankiros
Follow us on Telegram