Growth trouble for Nenets AO
While oil production dropped, the electricity generating industry and the construction industry did well in the first nine months of 2010, a new Barents Monitoring report for the Nenets Autonomous Okrug reads.
According to the report, oil production in the first nine months of 2010 amounted to 13,75 million tons, which is down 1,9 percent year-on-year. The declining oil production resulted in reduced growth in the whole regional economy.
The report is written by the Norwegian Barents Secretariat’s office in Naryan-Mar, the Nenets Autonomous Okrug.
Still, several sectors did well in the period. The construction industry grew by an impressive 47,9 percent year-on-year, a result which is about to bring the industry back to pre-crisis levels. Likewise, also power generation in the region showed good results. According to the report, the power generation was up 16,5 percent compared with the same period in 2009.
Other sectors experienced hardship, among them cargo transportation which dropped 56,7 percent year-on-year and housing construction which was down 11,9 percent.
Read more Barents Monitoring reports here
