CCTV.com - CNTV English - CCTV News

Oil revenues bolster Russian economy

06-21-2012 14:04 BJT

Watch Video

Play Video

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

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program