RUSSIA |ECONOMICS
Slide 2 | September 2012 | Economics: Discovering Russia FSU GDP per capita, 1991 and 2011, $ Source: IMF
Slide 3 | September 2012 | Economics: Discovering Russia FSU GDP per capita and external borrowing, 2011 Source: IMF, CIA, national banks Russia’s wealth is not dependent on borrowing
Slide 4 | September 2012 | Economics: Discovering Russia Nominal GDP correlates with the oil price, the former having doubled since 1998 in real terms… …while the latter has risen even more in nominal terms. Nominal GDPReal GDP Source: State Statistics Service, Sberbank Investment Research
Slide 5 | September 2012 | Economics: Discovering Russia … but the export structure is biased toward fuel Source: State Statistics Service, Troika estimates Russian export (left pie) and import breakdown, 2009
Slide 6 | September 2012 | Economics: Discovering Russia Largely due to oil price inflation, fuel’s weight in exports even increased… Source: State Statistics Service, Troika estimates Russian export (left pie) and import breakdown, 1995
Slide 7 | September 2012 | Economics: Discovering Russia … as well as in federal budget revenues Source: State Statistics Service, Troika estimates Russian federal budget revenues breakdown, 2010
Slide 8 | September 2012 | Economics: Discovering Russia Since 1999, growth has largely been driven by rising total factor productivity (TFP)… Source: State Statistics Service, Sberbank Investment Research …but capital accumulation has recently become an equally important driver
Slide 9 | September 2012 | Economics: Discovering Russia TFP improved almost in all sectors of the economy Source: State Statistics Service, Troika estimates Average contribution to the value added between 2012 and 2004
Slide 10 | September 2012 | Economics: Discovering Russia Real value-added growth in raw material extraction has been moderate, 2004=100% Source: State Statistics Service, Sberbank Investment Research
Slide 11 | September 2012 | Economics: Discovering Russia The fuel sector’s direct contribution to GDP is insignificant… Note: The tradable sector includes manufacturing industry (excluding fuel processing) and agricultural sector Source: State Statistics Service, Troika estimates Russian GDP breakdown, 2009, basic prices
Slide 12 | September 2012 | Economics: Discovering Russia Breakdown of value-added and employment by industry, 2011 * value added is calculated at basic prices Source: State Statistics Service, Troika estimates Value added, $ bln Employment, mln Value added per employee, $ ’000 Agriculture Fishing Raw materials extraction Manufacturing Supply and redistribution of electricity, gas and water Construction Retail Hotels and restaurants Transport and communication Finance Real estate State administration, military, social services Education Health care Housing and social services Total
Slide 13 | September 2012 | Economics: Discovering Russia Source: State Statistics Service The import structure reflects changes in economic development
Slide 14 | September 2012 | Economics: Discovering Russia Domestic demand remains a key driver of economic growth Source: State Statistics Service, Sberbank Investment Research