While the stereotype is that Russia measures the size of its economy not in rubles but in barrels, a recent rally has seen the country on track for significant growth, with oil and gas making up a smaller fraction than before.
New analysis by state statistical agency Rosstat, published on Tuesday, found that oil and gas made up only around 15% of the country’s official gross domestic product (GDP) at the beginning of this year. This represents a marked decrease from the previous 12 months, when the sector accounted for more than 19% of turnover.
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