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Vol. 55, No. 2, pp. 135-154 (2004)

“A New Growth Wave with Peculiar Industrial Structure in Russia”
Masaaki Kuboniwa (The Institute of Economic Research, Hitotsubashi University)

This paper develops further my researches on economic growth and industrial structure in Russia. First, we clarify Russian growth retardation then and now. Recent economic growth heavily relies on marked increases in world market prices of oil and gas. Second, we show (a) newly estimated shares of the trade sector in GDP for Russia in the Soviet era and (b) recent expansion of the trade sector by paying special attention to foreign trade earnings. Third, our key fact finding that many values generated by the oil and gas activities have been absorbed into the trade sector rather than into the oil and gas production sector is confirmed by recent input-output data. Fourth, we provide preliminary observations on Russia's possibilities of transition from oil dependent to diversified economic development.