Bashkortostan: Successful Completion of the Year

Source: Foreign Economic Relations Department

Despite the global financial crisis, the Republic of Bashkortostan displayed good economic performance at the end of 2008. The macroeconomic indices of the region have considerably overgrown the average Russian figures.

According to preliminary estimates, the Gross Regional Product for 2008 will account for 800 bln. rubles, thus exceeding the corresponding figure of 2007 by 8 per cent. The index of industrial production for a full range of enterprises is estimated at a level of more than 109 per cent.

As far as the agro-industrial sector is concerned, preliminary estimates show that following the results of 2008 the volume of agricultural production will amount to 103 bln. rubles, thus overgrowing the figures of 2007 by 3 per cent.

At year-end the inflation rate in the republic accounted for 12.4 per cent. This value is lower than the corresponding value of the previous year as well as the average index of the Volga region federal district and Russia.

In 2008 the average monthly salary in the republic was equal to 14,100 rubles as compared to 11,027 rubles in 2007. The growth of population income promoted higher consumer demand. In 2008 the retail turnover exceeded 400 bln. rubles that is by 16 per cent higher that the figures of the year 2007.