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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
Generating nearly 14% of Russia’s GDP, the wholesale and retail trade sector is an important engine of economic growth. The sector provides jobs to more than 13mn people, about a fifth of total employment in Russia. With a population ...
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The Russian banking sector’s penetration is among the lowest by global standards and below that of some regional peers. With the share of private non-financial sector loans to GDP standing at 51%, Russia ranks well below the world ...
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Russia is home to the fifth largest car market in Europe and the ninth largest in the world. The automotive industry, however, takes less than half percent of the economy and employs just 3% of the manufacturing sector’s workforce. ...
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Russia’s pharma and healthcare sector holds significant growth potential, stemming from the country’s large and aging population. Russia is home to largest pharmaceutical market in Central and Eastern Europe and is a ...
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The metal processing sector is an important contributor to Russia’s economic growth and a significant source of hard currency for the country. Russia has positioned itself as a major supplier of metals for the global market by leveraging on its ...
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The Russian electric power sector contributes an approximate 2.5% share to the economy in terms of nominal GVA and provides jobs to about 2.5% of the country’s workforce. Russia relies on thermal power sources to generate most of its ...
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As home to oil and natural gas reserves that are among the world’s biggest, Russia is an important energy supplier for the global economy. In 2018, the country was the world’s second-largest gas producer, with a 17% share in global output ...
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The Russian insurance sector remains underdeveloped compared to global and even emerging market standards. The sector’s penetration, measured by the percentage of total premiums to GDP, stood at 1.53% in 2018, below the world average of 6.09% ...
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Russia has the tenth largest market for new passenger cars in the world and the 16th largest in terms of commercial vehicle sales, according to data from the International Organization of Motor Vehicle Manufacturers (OICA). Sales of passenger cars ...
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