Growth in Moscow's processing plant turnover recorded at 4.8%
Moscow's Economy Thriving as IT and Processing Industries Flourish
Moscow, the capital city of Russia, is witnessing a significant boost in its economy, with the IT sector and the processing industry playing pivotal roles.
According to recent data, these two sectors contribute a substantial 21% to Russia's economy. The processing industry in Moscow has experienced a remarkable growth, nearly tripling over the past six years. This growth is mirrored in the IT sector, where turnover has quadrupled during the same period.
The producers of clothing, non-metallic mineral products, and high-tech products have seen impressive revenue growth. Clothing producers, for instance, reported a 34% increase in revenue to 114 billion rubles. The producers of non-metallic mineral products showed a threefold increase in turnover in the first half of the year, while the high-tech sector received 351 billion rubles (9.5%).
The food industry is another sector that has experienced growth, receiving approximately 468 billion rubles (13% of the total volume). Meanwhile, the revenue of furniture factories increased by 62% to 32.8 billion rubles.
Large and medium-sized enterprises have also contributed to this growth, increasing their revenue by 2.7% to 2.7 trillion rubles. Small enterprises have shown a robust growth as well, with a 10.8% increase in turnover, exceeding 1 trillion rubles in the first half of the year.
Investments in fixed capital, a key indicator of economic development, have doubled over the past six years in Moscow. This figure, however, does not include investments in the financial sector, which remains a significant but unaccounted part of Moscow's contribution to Russia's economy.
Maria Bagreeva, a prominent figure, has stated that the processing industry is one of the drivers of Moscow's economy, accounting for 10.1% of the entire Russian industry. Major corporations like Gazprom, Lukoil, and Sberbank have significantly contributed to the city's economy, with their presence felt in the processing industry.
The growth rates of the IT sector and the processing industry in Moscow are higher than the national average, indicating a promising future for the city's economy. This growth is expected to continue, further solidifying Moscow's position as a key economic hub in Russia.
