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Oil revenues bolster Russian economy

06-21-2012 14:04 BJT

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The St. Petersburg Economic Forum has just kicked off. But, fears over the eurozone and worries about the global economy are not the summit’s only topics. Participants are also turning their attention to the growing Russian economy and its future in world economic affairs. Mark Rubinstein, an analyst at Investment Financial Company Metropol, says the Russian budget is now enjoying significant surpluses.

IFC Metropol Analyst Mark Rubinstein said, "The first five months of Russia’s budget saw a significant surplus. That’s because oil revenues were stronger than expected in the first quarter of this year. Oil and gas remains the largest sector in the overall economic pie, it represents about 40 per cent of GDP. But these numbers’ve been decreasing, first of all for a number of years, because other sectors have been growing quite rapidly."

Rubinstein also says Russian President Vladimir Putin has decided to allocate up to 10 billion US dollars from the central bank’s international reserves to increase the International Monetary Fund’s resources. The federal statistics service Rosstat said in a monthly report, that Russia’s unemployment rate fell to 5.4 percent in May - the lowest level in four years. It also said the Russians’ real income grew in May by 3.6 percent year-on- year and by 2.5 percent in the first five months of 2012.



Editor:Zhang Jingya |Source: CNTV.CN

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