Business profiles
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| Irkut: Russian arms makers have redirected exports to non-Nato members such as China and India and opened up to foreign equity investors |
Russia is still heavily dependent on oil and gas but the non-energy sector is growing fast to cash in on ballooning domestic demand that high oil prices have helped to generate. Economic development and trade minister German Gref said in August that high oil prices had "ripened" the Russian economy and investment into sectors such as food processing and machine building are starting to bear fruit.
Raw material production still accounts for 70% of national production and attracts about 74% of invested capital, according to the EDT, while industry accounts for 27% of growth and its share is expected to fall.
Sectors such as hi-tech still only contribute about 4% to 5%, which is 10 times less than in developed counties. However, some private analysts say that the picture is actually much brighter if the shadow economy is taken into account.
Manufacturing output is growing faster, at 8%, than the extractive industries' output, growing at 6.8%,