Economy
Murmansk Region is second best among Arctic regions in terms of industrial production index for five months
© RIA Novosti. Vadim Zhernov

Murmansk Region is second best among Arctic regions in terms of industrial production index for five months

The Murmansk Region has been placed 9th for Russia and 2nd among Russia's Arctic regions in terms of industrial production index (IPI) for the first five months of 2017. The region's Economic Development Ministry has reported this based on the results of the socioeconomic monitoring of Russia's regions in January through May 2017, which the State Statistics Service published on its website.

"The industrial production index of the Murmansk Region in the reporting period was 116.6 percent, an increase of 16.6 percent from the same period last year. The average IPI for Russia was 101.7 percent," the statement says.

The region's industries surged ahead mostly thanks to large investment projects that were launched in order to increase the production of mineral resources (up 9.2 percent) as well as metals (up 30 percent).

The Murmansk Region ranked 24th across Russia and 3rd in the Arctic region in terms of fixed investment. According to preliminary estimates, nominal investment in the Murmansk Region's fixed assets in January through March 2017 amounted to 14.6 billion rubles, an increase of 8.3 percent year on year, while Russia's average was 2.3 percent.