Russia's Fuel and Energy Sector Share in GDP Drops to 13%
Quick Look
- Russia's Deputy Prime Minister Alexander Novak stated that the fuel and energy sector's share in the national GDP has fallen to 13% from 18-20%.
- The sector's share in revenue also dropped significantly from 42% to 22%.
- Export share in GDP decreased threefold, while investment share is projected to rise.
AI-generated summary
Why It Matters
Russia's Deputy Prime Minister Alexander Novak reported on key changes in the national economic structure at the Bank of Russia's Financial Congress.
ST. PETERSBURG, July 1. /TASS/. The share of fuel and energy segment in the national GDP dropped to 13% from previous 18-20%, Russian Deputy Prime Minister Alexander Novak said at the Financial Congress of the Bank of Russia.
"I would probably note such key changes in our economic structure as the decline in the share of fuel and energy sector, which stood at about 18-20% of GDP before. Its share declined to 13% of GDP at present, and the share in the revenue structure plunged overall from 42% to 22%," Novak said.
The export share in the GDP structure declined almost threefold, the deputy prime minister noted. At the same time, the share of investments in the national GDP will increase over time from 24% at present to 28% in line with plans and forecasts, he stressed.
What to Watch
AI outlook — possibilities, not facts
Share of investments in national GDP to increase from 24% to 28%.
Likely · Medium term
Open Questions
- What are the specific drivers of this decline?
- What sectors are replacing the energy share?
- What is the impact on Russia's global trade position?
