The Nizhny Novgorod region ranks high among the most successfully developed regional economies in Russia. Although the region does not possess large raw material resources its economy is developing quickly. Annual growth of the gross regional product is 107-108%. The share of the Nizhny Novgorod region in the total gross regional product of all the regions of the Russian Federation is about 2%. Nizhegorodskaya Oblast’ is one of the largest industrial centers of Russia. A large share in the regional economy belongs to manufacturing industry. The Nizhny Novgorod region is one of the ten regional economies with the largest manufacturing output.
Unique scientific-technical potential of the defense industry supported by solid educational base brings the innovative potential of the region to the 4th place among other regions of Russia. Many outstanding achievements of Nizhny Novgorod specialists are well-known in the world: the first industrial reactor on “fast neutrons”, radar stations of the fifth generation, world leadership in designing hydrofoil ships and airfoil boats, etc.
ransparent and friendly policy of the regional Government supporting business development, favourable geographic location and developed infrastructure facilitate integration of the region into the world economy. At present the Nizhny Novgorod region supports foreign trade relations with 125 countries of the world attracting actively Russian and foreign investors. Well-known companies such as Intel, Knauf, Ikea, Metro, Stora Enso Packaging, Iveco, Heineken, Gallina Blanca, Wella, Lukoil, Obyedinennaya Metallurgicheskaya Kompaniya, Bazoviy Element, Severstal and others are successfully developing their business in our region.
Small business also contributes much to the regional economy development. Nowadays the Nizhny Novgorod region is among ten leading regions of Russia where small business is developing most successfully. A quarter of the able-bodied citizens of the region work in small business.
The regional economy showed the following trends in the first quarter of 2009.
The situation in the agricultural sector remains stable:
- production volume remains nearly on the same level as last year (in January-March 2009 index of actual volume of agricultural products was 98.5% compared to January-March 2008);
- food industry is showing positive dynamics (volume index of food products in January-March 2009 was 108.6% compared to January-March 2008).
However the situation in the industrial sector is rather tense (in January-March 2009 index of industrial production was 65.5% compared to January-March 2008). The situation is the same in the Privolzhsky Federal District and in the country as a whole.
The situation in the industrial sector depends mainly on three industries: production of oil products (production index in January-March 2009 was 91.4% compared to January-March 2008), vehicles manufacturing (19.5%), metallurgy and metalware production (62.6%).
However index of industrial production showed positive dynamics in March 2009 – 109.7% compared to February 2009, in vehicles manufacturing the index was 179%, in metallurgy – 132%.
Fixed capital investment (in large companies) amounted to 5 billion rubles in January-February 2009 (the same level as in 2008).
Retail turnover reached 71.9 billion rubles in January-March 2009 (108.6% compared to January-March 2008).
In the first quarter of 2009 housing construction increased by 1.7 times compared to the first quarter of 2008.
Consumer price growth has slowed down a bit compared to the previous year: in January-March prices grew by 6.1% (last year – by 6.7%). The slowdown is seen in food prices growth: in the first quarter of 2009 price growth was 4.6% compared to 7% in 2008.
Unique scientific-technical potential of the defense industry supported by solid educational base brings the innovative potential of the region to the 4th place among other regions of Russia. Many outstanding achievements of Nizhny Novgorod specialists are well-known in the world: the first industrial reactor on “fast neutrons”, radar stations of the fifth generation, world leadership in designing hydrofoil ships and airfoil boats, etc.
ransparent and friendly policy of the regional Government supporting business development, favourable geographic location and developed infrastructure facilitate integration of the region into the world economy. At present the Nizhny Novgorod region supports foreign trade relations with 125 countries of the world attracting actively Russian and foreign investors. Well-known companies such as Intel, Knauf, Ikea, Metro, Stora Enso Packaging, Iveco, Heineken, Gallina Blanca, Wella, Lukoil, Obyedinennaya Metallurgicheskaya Kompaniya, Bazoviy Element, Severstal and others are successfully developing their business in our region.
Small business also contributes much to the regional economy development. Nowadays the Nizhny Novgorod region is among ten leading regions of Russia where small business is developing most successfully. A quarter of the able-bodied citizens of the region work in small business.
The regional economy showed the following trends in the first quarter of 2009.
The situation in the agricultural sector remains stable:
- production volume remains nearly on the same level as last year (in January-March 2009 index of actual volume of agricultural products was 98.5% compared to January-March 2008);
- food industry is showing positive dynamics (volume index of food products in January-March 2009 was 108.6% compared to January-March 2008).
However the situation in the industrial sector is rather tense (in January-March 2009 index of industrial production was 65.5% compared to January-March 2008). The situation is the same in the Privolzhsky Federal District and in the country as a whole.
The situation in the industrial sector depends mainly on three industries: production of oil products (production index in January-March 2009 was 91.4% compared to January-March 2008), vehicles manufacturing (19.5%), metallurgy and metalware production (62.6%).
However index of industrial production showed positive dynamics in March 2009 – 109.7% compared to February 2009, in vehicles manufacturing the index was 179%, in metallurgy – 132%.
Fixed capital investment (in large companies) amounted to 5 billion rubles in January-February 2009 (the same level as in 2008).
Retail turnover reached 71.9 billion rubles in January-March 2009 (108.6% compared to January-March 2008).
In the first quarter of 2009 housing construction increased by 1.7 times compared to the first quarter of 2008.
Consumer price growth has slowed down a bit compared to the previous year: in January-March prices grew by 6.1% (last year – by 6.7%). The slowdown is seen in food prices growth: in the first quarter of 2009 price growth was 4.6% compared to 7% in 2008.
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