Nizhny Novgorod region development ahead of Russia

The Ministry for Economy of the Nizhny Novgorod region summed up the results of 2013. According to the ministry, the economic growth in the region exceeds the national average three times.

Thus, the GRP increased by 4.2 percent during the year, against 1.4  percent in the country in general.

The regional index of industrial production in 2013 was the highest in the Volga Federal District. The index of the physical volume of industry made up 105.2 percent. Investments in fixed assets maintain positive dynamics. In 2013, the growth made up 106.5 percent. Turnover has grown by 5.6%, which is directly linked to the increase in household incomes. Average wages increased by 113.6 percent.

According to preliminary estimates, all target indexes on the basis of 2013 have been met. In the future, special attention will be paid on the implementation of the decree on economic policies aimed at improving the efficiency of economy and budget efficiency to provide resources for th eimplementation of other decrees.

The ministry plans to increase labor productivity at least 1.5 times in 2018, and the share of high-tech and knowledge-intensive industries in GRP -1.3 times. The level of investment in fixed assets in 2018 should make up at least 30.3 percent of the GRP.

Noteworthy, according to Indem foundation, the volume of investment attracted annually to the Nizhny Novgorod region has grown increased 3.5 times since 2005 and reached the milestone of $1 billion. The volume of foreign investment increased nine times.