• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

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

4 years ago
in Economy, Energy, highlights, Home, home-news, latest News
1 min read
0 0
0
202
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The share of the oil and gas industry in Russia’s economy declined to 15 percent in 2020, down from 19.2 percent in 2019, according to a first such assessment published by the Russian statistics agency Rosstat.

Back in 2018, this share was even higher than in 2019, at 21.1 percent, 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 US$219 billion (16.3 trillion Russian rubles) of Russia’s gross domestic product, according to estimates by Russian outlet RBC based on Russian GDP data for last year.

The Russian oil and gas industry’s share of the overall GDP is generally in line with the average 15-20 percent estimate for other major oil producers, Ekaterina Grushevenko, expert at the Skolkovo energy center in Russia, told RBC.

For example, the share of oil and gas makes 8 percent of U.S. GDP, a massive 50 percent of Saudi GDP, 14 percent of Norway’s GDP, 13.3 percent of Kazakhstan’s GDP, 30 percent of the GDP of the United Arab Emirates (UAE), and less than 10 percent in Canada, according to the expert. 

“The data published by the Russian statistics office about the share of oil and gas in Russian GDP is fully in line with our estimates,” Alex Isakov, Chief Economist at VTB Capital, told the RBC outlet.

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 percent of all Russian exports, Oleg Shibanov, finance professor at the New Economic School in Russia, told RBC.

RelatedPosts

Exclusive: $100 Million Payment Seals Full Takeover of Azumah Ghana – Black Volta and Sankofa Projects Now 100% Ghanaian-Controlled

Ghana’s Economy has Turned the Corner, Says Governor Dr Johnson Asiama

Agro-Processing Tax Waiver: A Strategic Masterstroke That Needs Scale to Succeed

At the end of last year, Russian President Vladimir Putin said that the country is successfully weaning itself off oil revenues.

Source: oilprice
Via: norvanreports
Tags: Russian President Vladimir PutinRussian statistics agency Rosstatshare of the oil and gas industry in Russia’s economy declined to 15 percent in 2020United Arab Emirates (UAE)
No Result
View All Result

Highlights

Letshego Africa Holdings Appoints Reinette van der Merwe as Group CEO

Tensions Rise as FIFA Responds to Trump’s Threat Over 2026 World Cup Host Cities

CAF Interclub Football Returns With Second Preliminary Stages of the TotalEnergies CAF Champions League This Weekend

2025 Football Players Income ranking: Ronaldo leads with $280M, Messi with $130M

Ghana’s Economic Recovery on Track, Finance Minister Tells Global Investors

Driving Africa’s Next Growth Frontier: UBA’s White Paper Pushes the Continent from Aid to Investment Powerhouse

Trending

Banking & Finance

Exclusive: $100 Million Payment Seals Full Takeover of Azumah Ghana – Black Volta and Sankofa Projects Now 100% Ghanaian-Controlled

October 17, 2025

Exclusive: $100 Million Payment Seals Full Takeover of Azumah Ghana – Black Volta and Sankofa Projects Now...

Ghana’s Economy has Turned the Corner, Says Governor Dr Johnson Asiama

October 17, 2025

Agro-Processing Tax Waiver: A Strategic Masterstroke That Needs Scale to Succeed

October 17, 2025

Letshego Africa Holdings Appoints Reinette van der Merwe as Group CEO

October 17, 2025

Tensions Rise as FIFA Responds to Trump’s Threat Over 2026 World Cup Host Cities

October 17, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.