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Barents Monitoring: Nenets 2009 Q1

Nenets Autonomous Okrug

Industrial production was up 35 percent while the construction industry was down 91 percent. First quarter economic results from the Nenets Autonomous Okrug show both strong growth and financial crisis, the latest Barents Monitoring report .

Location

Thanks to booming oil production in the region, industrial output was up 34,7 percent. Also electric power generation in the period increased strongly in the period (50%). Meanwhile, other parts of regional industry showed a significant downturn. Housing construction dropped 91% year on year, while investments in the main capital was reduced with more than 50 percent. Also the population’s average money income decreased by 20% year on year. Salaries in the region are still among the highest in Russia – 32.805 rubles.