The report, written by the regional office of the Norwegian Barents Secretariat, shows that economic indicators in Murmansk Oblast in the second quarter of 2009 continued to drop, but at a slower pace than in the previous months.
After a considerable drop in late 2008-early 2009, processing industry and mining industry in Q2 experienced a gradual recovery in production volumes. However, industrial production in the period was still down nine percent compared with the same period in 2008.
Industrial processing however in the period did somewhat better, with absolute production figures being almost on the same level as in 2008. The lower industrial activity level resulted in a drop in power demand and subsequently also in electric power generation. It was reduced more than in Q1and made up 94.2 percent compared to Q2/2008.
The sector worst hit by the economic downturn is the construction industry which in Q2 continued to drop. Construction volumes in Q2/2009 amounted up only 56.7 percent compared to Q2/2008.
The report also reads that the positive dynamics in the fishery industry in early 2009 practically stopped in Q2 when both catch and processing saw a decline.
The volume of the region’s foreign trade in the first half of the year decreased 23.5 percent compared to 2008. The export decreased 27.5 percent while imports increased by 40 percent.
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