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Russia’s revenue from oil, gas climb 34 percent in first half
(MENAFN) In the first half of 2024, the revenue generated by Russia's large and medium-sized oil and gas enterprises experienced a significant increase of 34.2 percent year-on-year, reaching a total of 38.3 trillion rubles, equivalent to approximately 413 billion U.S. dollars. This surge in revenue was highlighted in a report from local media, which cited a study by the auditing and consulting network FinExpertiza. The increase can be attributed to a combination of factors, including a weak ruble and rising global oil prices, which have significantly bolstered the financial performance of the sector.
In addition to the oil and gas industry, non-resource companies in Russia also reported strong growth, with revenues rising by 19.5 percent to 98.7 trillion rubles, roughly 1 trillion U.S. dollars. This growth contributed to an overall increase in corporate turnover of 23.3 percent across the country. Notably, the oil and gas sector's share of total corporate revenue has increased to 28 percent, up from 26 percent the previous year, indicating its growing prominence in the Russian economy.
While the non-oil and gas sector accounted for a substantial 72 percent of total revenue, its growth was more moderate at 19.5 percent in the same period. However, experts from FinExpertiza noted a notable recovery in this segment, especially within the manufacturing sector. Industries such as metal products, electronics, and automotive manufacturing played key roles in driving this growth, showcasing resilience in the face of economic challenges.
Among the various sectors, culture, sports, and entertainment witnessed the most significant revenue increase, soaring by 53.4 percent, followed closely by administrative services, which grew by 52.1 percent. Additionally, the mining industry also reported notable growth, with a 35.3 percent increase in revenue. The continued expansion of non-oil sectors is expected to rely heavily on robust domestic demand, which is being supported by import substitution strategies aimed at reducing reliance on foreign goods.
In addition to the oil and gas industry, non-resource companies in Russia also reported strong growth, with revenues rising by 19.5 percent to 98.7 trillion rubles, roughly 1 trillion U.S. dollars. This growth contributed to an overall increase in corporate turnover of 23.3 percent across the country. Notably, the oil and gas sector's share of total corporate revenue has increased to 28 percent, up from 26 percent the previous year, indicating its growing prominence in the Russian economy.
While the non-oil and gas sector accounted for a substantial 72 percent of total revenue, its growth was more moderate at 19.5 percent in the same period. However, experts from FinExpertiza noted a notable recovery in this segment, especially within the manufacturing sector. Industries such as metal products, electronics, and automotive manufacturing played key roles in driving this growth, showcasing resilience in the face of economic challenges.
Among the various sectors, culture, sports, and entertainment witnessed the most significant revenue increase, soaring by 53.4 percent, followed closely by administrative services, which grew by 52.1 percent. Additionally, the mining industry also reported notable growth, with a 35.3 percent increase in revenue. The continued expansion of non-oil sectors is expected to rely heavily on robust domestic demand, which is being supported by import substitution strategies aimed at reducing reliance on foreign goods.
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