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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.
With some RUB 94tn in total assets, the penetration of the Russian banking system in the economy translates into a 90.6% share of the GDP. The financial sector generated a gross value added (GVA) equal to 3.7% of the country’s GDP and employed ...
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Although quite different in terms of political and economic systems, the Emerging Europe countries share certain similarities when it comes to their demographic situation and health profile. With the exception of Turkey, whose average birth rate is ...
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Russia’s commoditised economic model predefines the pivotal role the mining sector plays in the country’s development. The sector generates 12.6% of Russia’s nominal GDP and earns 62% of total exports, which makes ...
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The real estate and construction sector generates 15% of Russia’s GDP and employs some 12% of the country’s workforce, making it a key economic sector. According to MarketLine estimates, Russia’s real estate ...
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The ICT sector in Russia generates slightly over 2% of the country’s GDP, with revenues from communications totalling RUB 1.9tn in 2019. Being one of the largest countries geographically and with a population of ...
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The food and beverage sector in Russia takes a relatively small share in the economy but is a significant contributor to foreign trade deficit. In 2019, the sector’s gross value added (GVA) accounted for 3.4% of the country’s ...
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The Russian transportation sector generates about 6% of the country’s GDP but its indirect contribution is much larger, as economic opportunities are increasingly related to the mobility of people and freight, including information ...
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Agriculture is one of the most important sectors and the main source of hard currency for the Russian economy. The sector of agriculture, hunting, forestry and fishery accounted for 3.4% of the country’s total GVA in 2019, while ...
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Russia’s vast territory, wide range of tourist attractions and proximity to European and Asian markets offer strong growth potential for the country’s tourism sector. However, high entry barriers, underdeveloped transport infrastructure ...
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Generating some 14% of Russia’s GDP and employing over 13mn people, the retail sector is a significant driver of the country’s economy. In 2018, retail trade turnover increased by 6.2% y/y in value terms and by 2.8% y/y in ...
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