Q1 industrial production up 13,5% in Murmansk region
Economical data for first quarter of 2017 show an higher growth than normal in industrial production, Murmansk Statistics reports. A 13,5% increase compared with same period last year is a indication that Murmansk’s economy, heavily influenced by mining and processing industry, are benefiting from higher prices on raw materials.
Much of the industry on the Kola Peninsula, like nickel production and fertilizer processing, are selling for export abroad.
Regional news-agency B-Port, that first reported about the growth, says the mining industry had a growth of 6,2%, while manufacturing was up 24,3%. Shipping, however, decreased by 14%.
Russian economy in general is still at a slow growth, being hit by the falling oil prices and sanctions.