Monday, July 24, 2017

Sverdlovsk region makes economic plans

The Sverdlovsk region has both optimistic and basic economic plans for 2015-2017.

The optimistic plan hopes for an average 3.9 percent increase each year in the constituency’s gross regional production rate. This assumes industry expands by 3.5 percent, housing construction rises 11.5 percent, agriculture adds 8 percent, retail trade increases 4.5 percent and median monthly pay surges by 9 percent.

These figures are only possible if three things occur: sanctions against Russia dissipate, Russia’s general economy improves and the cost of raw materials rises on the global market.

Government officials are not optimistic about these three points occurring in the near future.

The basic plan is a much simpler scenario: a 2.1 percent average expansion each year in the gross regional production rate. This translates to industry increasing 1.3 percent, agriculture rising 1.3 percent, retail trade expanding 2.5 percent, housing construction adding 3 percent and median monthly pay expanding by 7.8 percent.

The basic plan counts on the economy continuing as it has without any changes in sanctions or raw materials prices. Experts are optimistic about the basic plan. Unfortunately this plan does not allow for major reconstruction of the Sverdlovsk area.

Sverdlovsk Region Economics Ministry developed the plans at a recent Sverdlovsk Region Government meeting.

Organizations in this story

Ural Business Consulting Yekaterinburg, Sverdlovsk Oblast

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