Economy
The oblast ranks seventh in Russia in industrial output, while the processing industry predominates in the local economy. More than 650 industrial companies employ nearly 700 000 people, or 62% of the workforce involved in material production. Industry generates 83% of the regional GDP and accounts for 89% of all material expenditures. The leading sectors are engineering and metalworking, followed by chemical and petrochemical industries and forestry, woodworking, and paper industries. The first three sectors account for about 75% of all industrial production.
The oblast has traditionally been attractive to investors. In 2002, Moody's rating agency confirmed a Caa1rating based on the region's long-term foreign currency liabilities.
The region maintains trade relations with many countries and has an export surplus. The largest volume of exports goes to Ukraine, Belarus, Switzerland, Kazakhstan, Belgium, and France. Imports come mainly from Ukraine, Germany, Belarus, Kazakhstan, Austria, Netherlands, China, and the United States.
The stock market infrastructure is quite well developed in Nizhny Novgorod, and the exchange business is expanding. Companies and organizations registered in the region include 1153 joint-stock companies, 63 investment institutions, 34 commercial banks, 35 insurance companies, 1 voucher investment fund, 1 investment fund, 17 nongovernmental pension funds, 2 associations of professional stock market dealers, and 3 exchanges (stock, currency, and agricultural). The oblast is noted for having relatively highly developed market relations. Today, the region needs serious partners interested in equitable, long-term, mutually beneficial partnerships.
There are 650+ industrial companies in the region, most of them engaged in the following sectors:
- Machine-building and engineering
- Chemical & petrochemical
- Fuel & energy
- Ferrous and non-ferrous metallurgy
- Construction materials
- Glass
- Wood and paper
- Cloth-making
- Food & food processing
- Medical & pharmaceuticals
- Printing & publishing.
These key industries are supplemented by other sectors of the economy such as agriculture, trade, services, communications and transport.
Read more about this topic: Nizhny Novgorod Oblast
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)