Russia less reliant on oil & gas as economic recovery in other sectors fuels country’s rapid return to growth, new report reveals ...News

While the stereotype is that Russia measures the size of its economy not in rubles but in barrels, a recent rally has seen the country on track for significant growth, with oil and gas making up a smaller fraction than before. New analysis by state statistical agency Rosstat, published on Tuesday, found that oil and gas made up only around 15% of the country’s official gross domestic product (GDP) at the beginning of this year. This represents a marked decrease from the previous 12 months, when the sector accounted for more than 19% of turnover. This means that, at the end of the first year of the coronavirus pandemic, oil and gas were

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