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Yalta International Economic Forum Information portal

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13 October '17

Investment in Crimea's economy grew 3.9-fold in a year

According to Crimea’s Ministry for Economic Development, RUB 28.2 billion came from public funding and over RUB 34 billion from private business.

“Small business entities invested RUB 27 billion in the region’s economy, which is 5 times more than in 2016”, the Ministry’s statement says.

Crimea’s Minister for Economic Development Andrey Melnikov said that, in 2017, industrial manufacturing in Crimea grew by 3.5%. “The growth stemmed from a 13.1% increase in manufacturing and a 7.9% increase in mineral resource mining”, Mr. Melnikov said in a statement distributed by the Ministry press service. Over eight months, the volume of Crimea-produced good and of works and services rendered by industrial enterprises grew by 15.9% to exceed RUB 71 billion.

The Minister stated that industry accounted for 17.5% of Crimea’s domestic regional product.

Over eight months, manufacturing of perfumery and cosmetics grew by 20.4%; of soap and detergent by 32.3%; of varnish and paint by 27.5%. Machinery production increased by 32.2%; that of electrical equipment by 21.8%.

Processing and canning rose by 34.3% for fish and shellfish, by 42.7% for fruits and vegetables; production of vegetable and animal oils and fats went up by 19.2%, milk production grew by 14.4%. Bottled water production grew by 33.8%, beer production by 7.7%.

The growth in construction operations led to a 3.4-fold increase in the production of metal hardware for construction.

Over the last eight months, agricultural production in the Republic of Crimea exceeded RUB 34.7 billion.

At the end of the 3rd Yalta International Economic Forum (YIEF) held in April 2017, agreements and contracts were signed totalling over RUB 100 billion in investment in Crimea’s economy. On the sidelines of YIEF-2016, investment agreements worth over RUB 70 billion were signed.

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