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Economic Analysis: Theory and Practice
 

Economic growth and structural changes in the Russian economy

Vol. 14, Iss. 33, SEPTEMBER 2015

PDF  Article PDF Version

Received: 9 July 2015

Accepted: 13 July 2015

Available online: 16 September 2015

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: 

Pages: 2-14

Malkina M.Yu. Lobachevsky State University of Nizhny Novgorod - National Research University, Nizhny Novgorod, Russian Federation
mmuri@yandex.ru

Subject The article considers the relationship between economic growth and structural changes in the Russian economy.
     Objectives The study aims to identify structural changes in GDP at the stages of its creation, distribution and end use, and to specify the type of economic growth in the Russian economy in 1999-2014.
     Methods I employ a structural analysis and the methods of factor analysis, i.e. logarithm and apportionment, regression analysis, calculation of price elasticity ratios of output in Russian regions.
     Results In the period under consideration, the sector of non-tradable goods and services made the largest contribution to economic growth. The contribution of regions to GDP is uneven; some regions have achieved economic growth under the existing structure of production. Before the crisis, the economic growth of the Russian economy was accompanied by higher-than-anticipated growth of household incomes, and its main drivers were consumer expenditures. However, the role of investment spending and the public sector spending was less significant, and the role of physical increase in net exports was minor.
     Conclusions and Relevance
Under new geopolitical and macroeconomic conditions, the former type of economic growth based on the transformation of revenues from raw materials into domestic demand is exhausted. It is crucial to shift from the demand-pull development model to the supply-push model, which involves working out a set of measures to manage efficient structural changes.

Keywords: gross domestic product, structure, industry, consumption, investment

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