Although it maybe too early to determine, Russia's economy is definitely showing positive signs despite Europe's poor economy. The Constructive and manufacturing industry are the main contributors to this significant growth and yes, it's the people behind it, a collective team work from top management to labourers.
(Yahoo) - MOSCOW (AFP) - – Russia's economy grew 4.5 percent in the first quarter of 2010 compared to the same period last year, official figures showed on Wednesday.
Growth picked up in March when gross domestic product (GDP) rose 4.9 percent compared to March 2009, the economic development ministry said.
"In March, after a pause in February, we saw a revival of economic activity," it said. "Compared with February, there have been positive trends in construction and manufacturing."
The figures indicated that Russia's economy is recovering from a deep recession that saw GDP contract by 7.9 percent last year.
Russia was hammered by the global economic crisis that struck in late 2008, with its hydrocarbon-dependent economy punished for failing to diversify in better times.
Since then, rising commodity prices have driven a modest recovery, prompting Prime Minister Vladimir Putin to declare this month that the recession was over while also warning that the effects of the crisis still demanded careful attention from policy-makers.
Last week, Russia raised 5.5 billion dollars in its first international bond issue since its 1998 financial crisis as it seeks new ways to bolster its finances and plug a growing budget deficit.
