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Share of Internet economy in Russia at 10% of GDP — watchdog

By 2018, the volume of IT production will amount to $6.7 bln, and the volume of exports of IT industry will reach $9 bln

© ITAR-TASS/Yevgeniy Kurskov

SOCHI, September 24. /TASS/. The share of the Internet economy and the related industries in Russia amounts to 10% of the country’s GDP, the Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications (Roskomnadzor) Alexander Zharov said Thursday.

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Putin urges Russia's Internet business to work actively with defense structures

"In our country, according to the Russian Association of Electronic Communications, these industries produce about 10% of GDP, and it is obvious that the share of this technological segment in GDP will grow," he said.

According to Zharov, the Service is working on targets for increasing the share of Internet-related producers.

"Development institutions are already actively working on new popular business models that stimulate the emergence of new products and services on the domestic market, the development of knowledge-driven economy. By 2018, the ratio of the rate of growth of the IT industry to the GDP growth rate is expected to increase 3-fold, the volume of IT production will amount to 450 bln rubles ($6.7 bln), and the volume of exports of IT industry will reach $9 bln," Zharov said.

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