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Crimea's economy growing in all basic areas this year

October 31, 2016, 23:54 UTC+3 SIMFEROPOL

For instance, industrial output in Crimea went up 21% in the period of January through to August, 2016

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SIMFEROPOL, October 31. /TASS/. Economy of Russia's constituent Republic of Crimea showed a notable growth in all the basic areas in the period of January through to September 2016, the regional Ministry of Economic Development said on Monday.

"The ministry notes encouraging tendencies unfolding in all the spheres of the republic's economy," the report said. "The opportunities for operations and investment in the framework of the free economic zone, the implementation of special-purpose federal programs for the elimination of infrastructure constrictions, and governmental support for the manufacturers, agricultural enterprises and small businesses gave a stimulus for development in all areas of the regional economy."

For instance, industrial output in Crimea went up 21% in the period of January through to August, 2016.

"Forecasts say the positive dynamics will likely be seen until the end of the year and will total no less than 8%," the ministry said.

As for the agricultural produce output, which is one of the major branches in the regional economy, it grew 0.3% from January through to September versus the same period a year ago and reached 50 billion rubles ($ 790.8 million). Growth in the farming sector was the biggest (3.9%) in crop raising and in egg production (8.1%).

The amount of contracts performed by construction companies grew 31.1%. New housing facilities with the total floor space of almost 190,000 square meters were commissioned, marking a 19.2% increase on the year.

The situation on consumer market was marked by stability, with the retail trade in January-September totaling 168 billion rubles ($ 2.65 billion), while the same indicator for the rest of Russia dropped 5.4%.

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