On the whole, the economic situation in the first half of the year 2010 in Murmansk Oblast can be characterized as tense. Most of the indicators show negative dynamics, the latest Barents Monitoring report for the region reads. The report covers the first six months of 2010 and is written by the Norwegian Barents Secretariat’s office in Murmansk.
The main positive sign in the regional economy is the mining industry, which has recovered after a decline in late 2008 - early 2009 and now gradually restores its production levels. This has subsequently given growth also within regional transportation.
Mining operations in the region in the period grew 16,1 percent compared to the same period in 2009. Meanwhile, the indicators in the processing industry were negative practically for the whole period. Consequently, the index for the processing industry was down 5,5 percent in the first half of the year 2010.
The regional industrial production in the region increased 5,4 percent. That is however far less than the federal average, which in the period exceeded ten percent.
Within fisheries, the situation resembles the one in 2009. The positive figures of Q1were replaced by a considerable drop in Q2. Still, all together the growth in catch amounted to 16 percent year-on-year, the monitoring report reads.
Murmansk continues to be region highly dependent on exports, which in the 1st quarter of the year increased by 48,1 percent year-on-year. Imports, meanwhile 68,1 percent year-on-year. The share of metals and metal products increased to 60,2 percent of the total exports, up from 49,7 percent in the same period in 2009
Read the monitoring report here in English or in Russian
Read the whole Barents Monitoring report here
