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Industrial production index in the Arkhangelsk Region increased by 15%

Pomorie shows significant improvement in the industrial sector – within the last two months the industrial production index increased by more than 15 percentage points.

The growth of the indicator became attributable because of the increase of the industrial index compared with 2018 in the manufacturing sector – by 5.2%. A positive trend has been recorded in specific sectors of machine-building industries: in shipbuilding – increase 7.7%, in machine and equipment manufacturing – 2.4%.

Increases in production have been also noted in wood processing – by 11.1%. In beverage industry, the volumes increased by 3%, food production – by 3.1%. 1.6 times increase in the production of construction materials has been recorded. Greater production in the mining sector (by 11.9%) has had a significant impact on the industrial production.

"The situation in the region is now fully in conformity with the trends observed at the federal level and there is therefore a high probability that beside the industrial sector there will be growth in other economic sectors", noted Ivan Kulyavtsev, the Minister of Economic Development of the Arkhangelsk Region.

It is noteworthy that to attract investments and encouraging entrepreneurship the state programme Economic Development and Investments in the Arkhangelsk Region has been adopted. The implementation of investment strategy for the period 2020–2025 is based on creating conditions favourable to sustained economic growth of the Arkhangelsk Region. The executive in charge for the state programme is the ministry of economic development of the region.

Besides, at the regional level, a great deal of work has been performed on a draft legislation on the introduction of additional tax incentives for investors, adopted by the session of Arkhangelsk Regional Assembly on 11 December 2019. The implementation of large-scale investment projects in the Arkhangelsk Region is a driver for creating new workplaces. We recall that almost 5500 new workplaces are to be created, while the increase in the volume of investment will be over 171.5 billion roubles, which will significantly impact upon the economy of the region and will subsequently have a positive effect on tax revenue to budgets of all levels.

Ministry of Economic Development of the Arkhangelsk Region