Overall economic development 2005 in the overview

2005 coined/shaped in particular the strong rise of the oil price, which was higher around scarcely half in the annual average than 2004, the overall economic development in Russia:

• The goods export, which consists to approximately two thirds of sources of energy, rose again around approximately a third. The imports did not increase completely so strongly. Thus the foreign trade surplus rose to 118 billion $ (15% of the gross domestic product, GROS DOMESTIC PRODUCT). The balance of payments on current account surplus increased even by scarcely half. It reached 84 billion $ (11% GROS DOMESTIC PRODUCT). With rising energy prices however the dependence of the Russian external trade on the energy sector continued to strengthen precipitously. According to data of the customs statistics the portion of the energy exports of the entire export increased within a yearly of 59% to 65%.

• The incomes in the federation household rose around approximately half. The surplus in the national budget doubled itself in particular owing to the high energy and Rohstoffpreise in relation to the gross domestic product nearly. It reached 7.4% GROS DOMESTIC PRODUCT (2004: 4.4% GROS DOMESTIC PRODUCT).

• The oil stabilization fund, in which a part of the oil receipts from exports is collected, grew up to the year end 2005 on approximately 1,200 billion rouble or approximately 6% 2005 gained gross domestic product.

• Russia could pay national debts back in relation to the foreign country owing to the high receipts from exports vorfristig.

• The currency reserves of the central bank rose to at the end of of 2005 to 182 billion $.

The inflow of foreign foreign exchange had an unfavorable influence on the price history. Still the inflation very high in the international comparison could hardly be pressed with the comparison of the yearly final conditions consumer price index. The consumer prices rose in the yearly process 2005 with 10,9% just as strongly as in the two previous years, also because the central bank foreign exchange buys up, in order to brake the revaluation roubles.

Economic growth despite higher energy prices slows down

The acceptance derived from experiences of earlier years, a rise of the oil prices is accompanied by an acceleration of the economic growth of Russia, was confirmed 2005 - like 2004 - however not.

Overall economic production, the gross domestic product (GROS DOMESTIC PRODUCT), grew 2005 with a rise by 6,4% further strongly. In relation to the two previous years, when growth rates were reached in each case of well 7%, however an easy slowing down resulted. To lead back it is in particular on the weaker growth of the industrial production, which increased 2005 only by 4% (2004: + 7.3%). A cause for it was again the clearly reduced growth of the oil promotion, which rose only around 2,2% (2004: + 8.9%). The natural gas extraction stagnated even nearly. On the other hand strong growth in the processing trade continued. To that extent the Russian economy on the way to a broad diversified Produktionsstruktur with smaller dependence on the energy and raw material sector made progress.

The International Monetary Fund, IWF, calls the disconcertion as reasons for the weaker growth of the energy and national economy among other things by the Jukos affair and the high tax burden of the oil sector. The World Bank stresses beside it the growth-absorbing effect material Aufwertungdes rouble.

Demand-laterally growth carried after computations of the institute for economic research resounds 2005 alone by the home demand. The highest growth contribution came - as for years - from the very strongly rising private consumer expenditures, which increased again by approximately 11%. The growth rate of the gross asset investments with 10,5% was inferior only little. From the externaleconomical development however - like 2004 - no growth contribution came. The material growth of the exports halved itself on approximately 5 %, while the material rise of the imported goods decreased with approximately 16% only little. The external contribution absorbed thereby the economic growth around 1,6 per cent points.

Inflation at the end of of 2005 hardly lower than at the end of of 2004

2005 wanted to originally press the Russian government the inflation rate on at the most 8.5% at the year end. Consumer price index a rise actually resulted around 10,9% in the case of in Russia for the measurement of the price increase rate common the comparison of the yearly final conditions. Like 2004, when the consumer prices rose around 11,7%, the inflation goal was missed clearly.

The goals pursued by the Russian government with its money and rate of exchange politics of pressing on the one hand the still two digit inflation and at the same time of braking the material revaluation roubles, are to be agreed upon with difficulty with one another. If it tries to absorb the revaluation roubles by the buying up from foreign currencies to in order to avoid so an all too rapid degradation of the concerning the price competitive ability of Russian enterprises on the world market, the money supply and thus the inflation potential rise.

The International Monetary Fund, IWF, demanded repeated from the central bank to strive more decided for a lowering of the inflation. In the interest of the stability goal Russia is if necessary the purchase of foreign currencies for the delimitation of the revaluation roubles to do without.

2005 have the central bank their goal of limiting the material revaluation rouble on 8% missed. By December 2004 until December 2005 the material revaluation reached 10.5% opposite the currency basket. The 1999 material revaluation begun continued with it.

Foreign trade and balance of payments on current account surplus 2005 further risen

2005 increased goods export and the imports further strongly. Entire goods export rose mainly price conditionally according to data of the central bank around approximately a third. The imports increased less strongly by 29%. The balance of payments surplus grew by 38% on 118 billion $ (15% GROS DOMESTIC PRODUCT).

The value of the exports of crude oil, petroleum products and natural gas increased according to data of the Russian central bank by scarcely half on nearly 150 billion $. The energy and Rohstofflastigkeit of Russian export strengthened. The portion of the category of commodities "mineral products and raw materials ", which oil, petroleum products, natural gas covers, at entire export rose according to data of the customs statistics to 65% (2004: 59%). Since 2002 it rose around 10 per cent points. Second largest category of commodities within the Russian exports are "metals and metal goods "(portion of 2005:14 %).

With the imported goods of Russia dominate "machines/equipment/vehicles "(2005: 44%), food (17.5%) and chemical products (17%). The risen purchasing power provides beyond that for a large need at consumer goods of all kinds.

The surplus in the Russian balance of payments on current account, which covers the trade with services and the exchange of free achievements apart from the trade also, rose 2005 around 44% to about 84 billion $. Based on the gross domestic product in dollar it increased on about 11%.

Germany far largest trade partner

2005 was crucial the strong price increases of Russian energy supplies also for the development of the trade with Germany. Of Germany imported goods from Russia related to value euro rose (+ 32%) around nearly a third to 22 billion. The German exports to Russia took also strongly on 17 billion euro too (+ 15%), but clearly less strongly than the imported goods. The German deficit in the trade with Russia trebled itself therefore well and 4.3 billion euro reached.

Germany remained most important trade partner of Russia. Of Germany portion of the entire Russian foreign trade conversion (imports + export) 2005 9.7% amounted to (2004: 9.3%). With a portion of 13,4% of the entire Russian imports Germany was 2005 with distance largest supplier country for Russia. To Germany 8% of Russian export went. Germany was thereby third biggest customer country (to the Netherlands: 10.0% and Italy: 9.6%).

Russia supplies energy and other raw materials (metals, chemistry raw materials) to Germany almost exclusively. In contrast to this approximately 80% of the German exports are to Russia finished goods (machines, vehicles, electrotechnical products etc.).

For Germany the foreign trade volume with Russia is altogether comparatively small: Of Germany imported goods from Russia (21.6 billion "€) despite the strong price increases for Russian energy supplies only 3.5% of the entire German imports, the exports reached 2005 to Russia (17.3 billion "€) only 2.2% of entire German export.

Outstanding meaning has Russia for the German power supply. It is with distance a largest supplier of oil and natural gas for Germany. Russia placed approximately 34% of the German crude oil imported goods and 34% of the natural gas arising to 2005 in Germany. To the entire primary energy consumption of Germany the Russian oil and gas supplies contributed well a fifth.

Articles in category "Overall economic development of Russia"

We found here 1 articles.