The region, which prepares to become a thriving center for Russian Arctic developments, is unable to spur sustainable economic growth. In 2011, industrial production declined and consumer growth stagnated, the latest Barents Monitoring report confirms.
The region, which promises to become a power house for Russian Arctic developments, struggles to overcome the consequences of the financial crisis. The region experiences low growth and does worse than the Russian average on a number of key parameters.
While oil production dropped, the electricity generating industry and the construction industry did well in the first nine months of 2010, a new Barents Monitoring report for the Nenets Autonomous Okrug reads.
Several of the key industries in the Komi Republic have in 2010 experienced negative growth. The region has still managed to cut unemployment and uphold salary levels, the latest Barents Monitoring report reads.
A new comparative survey shows that the economy in the Russian part of the Barents Region shows clear signs of recovery. The mining and construction industries are the two main growth sectors in the region.
The economy of Arkhangelsk Oblast is gradually reviving after more than a year of serious crisis. However, the positive trend is partly nurtured by developments in the neighboring Nenets Autonomous Okrug.
The Komi Republic in 2009 experienced decline on most economic parameters. However, industrial production still did better than in practically all other Northwest regions, and the last months of the year showed several positive trends, the 2009 Barents Monitoring reports reads.
Despite positive trends in industrial production, the serious economic setback in Arkhangelsk Oblast is now increasingly felt by the regional population. That could eventually results in growing popular discontent and social tensions, the latest Barents Monitoring report reads.