Economics News

The yeas when Russia had a GDP rate approaching 10% a year seem to be over, for the present and near future but although demand for commodities went down in 2012, the price of oil managed to keep its prices stable which has had a positive impact on the Russian economy, with growth rates for 2012, staying at just under 4%, which is positive compared with most of the Euro zone.

The GDP per capita in 2011 was US$12,993 - much higher than other emerging markets such as China, India, but very similar to that in Brazil.  Russia is now close to what the Boston Consulting Group regards as the threshold of US$15,000 required to sustain mass demand for long-haul travel, with particularly high potential for short haul destinations in Europe and the Middle East for Russians living in Europe, while destinations in East Asia are accessible to Russians living in the Asian part of the country.