Economy
The oblast ranks seventh in Russia in industrial output, while the processing industry predominates in the local economy. More than 650 industrial companies employ nearly 700 000 people, or 62% of the workforce involved in material production. Industry generates 83% of the regional GDP and accounts for 89% of all material expenditures. The leading sectors are engineering and metalworking, followed by chemical and petrochemical industries and forestry, woodworking, and paper industries. The first three sectors account for about 75% of all industrial production.
The oblast has traditionally been attractive to investors. In 2002, Moody's rating agency confirmed a Caa1rating based on the region's long-term foreign currency liabilities.
The region maintains trade relations with many countries and has an export surplus. The largest volume of exports goes to Ukraine, Belarus, Switzerland, Kazakhstan, Belgium, and France. Imports come mainly from Ukraine, Germany, Belarus, Kazakhstan, Austria, Netherlands, China, and the United States.
The stock market infrastructure is quite well developed in Nizhny Novgorod, and the exchange business is expanding. Companies and organizations registered in the region include 1153 joint-stock companies, 63 investment institutions, 34 commercial banks, 35 insurance companies, 1 voucher investment fund, 1 investment fund, 17 nongovernmental pension funds, 2 associations of professional stock market dealers, and 3 exchanges (stock, currency, and agricultural). The oblast is noted for having relatively highly developed market relations. Today, the region needs serious partners interested in equitable, long-term, mutually beneficial partnerships.
There are 650+ industrial companies in the region, most of them engaged in the following sectors:
- Machine-building and engineering
- Chemical & petrochemical
- Fuel & energy
- Ferrous and non-ferrous metallurgy
- Construction materials
- Glass
- Wood and paper
- Cloth-making
- Food & food processing
- Medical & pharmaceuticals
- Printing & publishing.
These key industries are supplemented by other sectors of the economy such as agriculture, trade, services, communications and transport.
Read more about this topic: Nizhny Novgorod Oblast
Famous quotes containing the word economy:
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—Henry David Thoreau (1817–1862)
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