Construction industry in Russia continues to grow

In the second half of 2011, activity on the Russian construction market finally picked up, with civil engineering work and residential construction as the main two drivers of growth. Despite the unfavourable and challenging global economic sentiment, the industry is expected to continue to expand, with growth fostered by increases in spending on infrastructure development and healthy demand for residential properties.
The continuing sovereign debt crisis in Europe and the global economic uncertainty have aroused fears of a double dip recession in many developed countries. This has had an effect on the Russian economy, which is, itself, in a relatively healthy condition, supported by high energy commodity prices on the world markets. The GDP growth rate for 2011 and the growth expected in 2012 are, however, more modest than those witnessed six months ago, with forecasts having been substantially reined in by all major financial institutions.

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