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In reply to the discussion: Putin says he may seek 4th Presidential term [View all]go west young man
(4,856 posts)Exports and Hard Currency are not overall economic growth. Hard Currency just translates as banking and investor faith in the economy for investing. Domestically growth is expanding as those oil and gas dollars make their way into other areas of the economy.
From the same cite:
In Russia, services are the biggest sector of the economy and account for 58 percent of GDP. Within services the most important segments are: wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods (17 percent of total GDP); public administration, health and education (12 percent); real estate (9 percent) and transport storage and communications (7 percent). Industry contributes 40 percent to total output. Mining (11 percent of GDP), manufacturing (13 percent) and construction (4 percent) are the most important industry segments. Agriculture accounts for the remaining 2 percent.
The IT market is one of the most dynamic sectors of the Russian economy. Russian software exports have risen from just $120 million in 2000 to $3.3 billion in 2010.
As of 2013, Russians spent 60% of their pre-tax income shopping, the highest percentage in Europe.
Your argument that they depend on oil and gas may have rung true back in 2005 but the economy as a whole has evolved. Many other areas are thriving. Read the full report and not just the part that fits your argument. The report cites 90 new shopping malls.