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Oil & gas share of Russia’s GDP dropped to 15% in 2020

Russia is successfully weaning itself off oil revenues, President Putin said in December 2020 during an annual end-of-the-year news conference

Moscow, July 14 - Neftegaz.RU. The share of the oil & gas industry in Russia’s economy declined to 15 % in 2020, down from 19.2% in 2019, according to a 1st such assessment published by the Russian statistics agency Rosstat, Oilprice analysed.

Back in 2018, this share was even higher than in 2019, at 21.1%, according to the statistics, which analysts say is generally in line with what they were estimating before the publication of the official Rosstat data this week.

In 2020, oil and gas generated $219 billion (RUB 16.3 trillion) of Russia’s gross domestic product, according to estimates by Russian RBC based on Russian GDP data for last year.
Ekaterina Grushevenko, expert at the Skolkovo energy center in Russia, told RBC:
  • The Russian oil & gas industry’s share of the overall GDP is generally in line with the average 15-20% estimate for other major oil producers
For example, the share of oil & gas makes:
  • 8% of U.S. GDP
  • a massive 50% of Saudi GDP
  • 14% of Norway’s GDP
  • 13.3% of Kazakhstan’s GDP
  • 30% of the GDP of the UAE
  • less than 10% in Canada
Alex Isakov, Chief Economist at VTB Capital, told RBC:
  • The data published by the Russian statistics office about the share of oil & gas in Russian GDP is fully in line with our estimates
Oleg Shibanov, finance professor at the New Economic School in Russia, told RBC:
  • The perception in Russia is that oil and gas makes up around half of Russia’s GDP, but this is more likely due to the fact that fossil fuel exports account for around 50-60% of all Russian exports
At the end of last year, Russian President Vladimir Putin said that the country is successfully weaning itself off oil revenues.

Author: Charles Kennedy

Source : Neftegaz.RU

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