/ world today news/ The Russian economy after entering the new reality of confrontation with the West since 2014.
What has been achieved in 8 years? Have we been able to adapt to the sanctions? How close are we to total economic war in 2022 and the severing of all ties?
For 8 years (from 2013 to 2021 inclusive), the Russian economy grew by 8%. It was a rather difficult 8 years with very painful restructuring, where the dynamics of the sectors of the economy were multidirectional.
If we combine the following sectors of the Russian economy:
– Provision of electricity, gas and steam – for 8 years, the contribution to the dynamics of the gross added value of the entire Russian economy amounted to 0.06 percentage points.
– Water supply; waste water, organization of garbage collection and disposal – contribution 0.05 p.p.
– Construction – decrease by 0.05 p.p.
– Wholesale and retail; motor vehicle repair – a noticeable decrease of 0.35 pp, where retail trade is at minus 0.56 pp.
– Transportation and storage – positive contribution of 0.12 p.p.
– Activity of hotels and public catering establishments – disposition with 0.03 p.p.
– Administrative activities and related additional services – 0.20 p.p.
– Education – almost zero contribution with 0.02 p.p.
– Activities in the field of health care and social services – the formation of 0.14 p.p. of the all-Russian gross added value for 8 years.
– Activities in the field of culture, sports, free time and entertainment – contribution 0.15 p.p.
– Provision of other types of services – positive contribution 0.16 p.p.
– Activities of households as employers – 0.15 p.p.
For all the above-mentioned sectors of the Russian economy, the cumulative growth of the gross added value amounted to 0.32 percentage points. – for 8 years!
In fact, they were running on zero. These sectors represent over 41% of the weight of the economy and employ over 58% of the total workforce.
If these sectors account for 0.3% of GDP growth of 8% over 8 years, where does the 7.7% growth come from?
– Agriculture, forestry, hunting, fishing and fish farming – positive contribution to the all-Russian growth of GDP amounted to 0.48 percentage points for 8 years (from 2013 to 2021)
– Extraction of minerals – plus 0.72 p.p. for 8 years from the entire economy
– Manufacturing – up 1.88 pp, where two industries accounted for more than half of the increase – this is the manufacture of finished metal products, excluding machinery and equipment (0.52 pp) and the manufacture of chemicals and chemical products (0.49 p.p.)
– Information and communication activities – plus 0.55 p.p., where computer software development, consulting services in this field and other related services provide a whopping 0.84 p.p. from the entire economy!
– Financial and insurance activities – plus 1.96 p.p.
– Real estate operations – plus 1.07 p.p.
– Professional, scientific and technical activities – plus 0.38 p.p., as the main contribution are activities in the field of architecture and engineering design (0.28 p.p.).
– Public administration and military insurance, social insurance – plus 0.71 p.p.
So if it needs an answer, what has driven the growth over the past 8 years?
The answer will be absolutely unequivocal:
– financial activities almost 2 p.p. of 8% economic growth,
– further processing industry 1.9 p.p.
– other real estate transactions 1.1 p.p.
– and here’s the surprise – the software development and IT sector provided 0.84 pp, HIGHER than mining (0.72 pp)!!
– The public sector also forms 0.71 p.p.
Here are the main factors contributing to the growth of the Russian economy from 2013 to 2021.
It’s strange that no one has yet decided to do such a study (just compared to 2013), so I’m closing this gap.
Translation: SM
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