BRIC magic at work – Russian industrial output grew by 8.2 percent in 2010

Russian Manfacturing - On Growth Trajectory

Russian Manfacturing – On Growth Trajectory

Russia’s state statistical agency Rosstat has published its latest report for the year 2010 saying that the country’s industrial output grew by 8.2 percent in 2010.

The country’s performance is nothing short of ‘spectacular’ as it had recorded industrial output contraction of 9.3 percent in 2009. However, Russia’s economic development ministry expects industrial output growth to moderate at 4.1 percent in 2011.

Giving details of segmental growth, the report said manufacturing rose by 11.8 percent in 2010 while mining and allied industries sector grew by 3.6 percent.

Russia – the world’s biggest energy exporter, saw its economy grow by 3.8 percent in 2010 after it contracted by 7.9 percent in 2009 due to the economic slowdown, preliminary estimates suggest.

Consumer prices grew by 8.8 percent in 2010, equal to that witnessed in 2009. The Russian government has been trying to modernize its energy export oriented economy and boost foreign investment to accelerate the country’s economic growth.

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