One of Russia’s most stable regions
The Komi Republic in the first half of 2009 saw a strong increase in investments, a booming construction industry and a steady industrial production.
The latest Barents Monitoring report from the Komi Republic shows that the region is one of very few Russian regions, which appears to be relatively unaffected by the economic crisis in the country. The report, which is written by the Norwegian Barents Secretariat’s regional office in the Nenets Autonomous Okrug, reads that industrial production in the republic in the second quarter of the year increased 0,6 percent year-on-year. Half-year results show a three percent decline.
Figures for the regional construction industry show major growth. The industry in the second quarter of the year grew 23,1 percent year-on-year. That is contrary to the trend in practically all other regions in Russia. As described in other Barents Monitoring reports, both Murmansk, Arkhangelsk and Nenets AO have experienced a serious downturn in their construction industries this year.
However, the growth in the Komi construction industry is well helped by Gazprom, which is in the process of building a major pipeline through the region. According to the report, these operations were key growth factors for the regional construction industry. Housing construction in the region meanwhile saw a downturn of 26 percent in the period.
The investments in the regional economy in the period sky-rocked with 243 percent year-on-year, also that much thanks to the gas infrastructure developments in the region.
While oil production in the period January-June showed stable growth, with a 1,6 percent year-on-year increase to a total of 6,72 million tons, other industries showed signs of trouble. Among them were the lumber production industry which dropped 23,8 percent year-on-year and pulp and paper production which dropped 5,7 percent.
Production of gas in the first half year decreased 5,4 percent and totaled 1,615 billion cubic meters. Coal mining in the same period decreased by 14,9 percent and totaled 5,346 million tons.
The transport turnover in April-June of 2009 decreased 13,7 percent compared to the same period of 2008 and totaled 37,6 billion tons/km. This result was achieved basically because of decline in railroads cargoes transportation - 16,6 percent.
