Observations on the influence of high oil prices on Russia's GDP growth

A noted economist and observer of post-Soviet affairs presents a study probing the influence of high oil prices on Russia's GDP growth. The paper analyzes the contributions to the country's GDP by sectors of origin and final use, and pays special attention to the influence of trade margins produced by oil and gas but recorded and placed by Goskomstat Rossii in Russia's trade sector. The author's interpretation of statistical data released by Goskomstat Rossii as well as by Russian customs authorities enables him to conclude that the present-day economic boom in Russia can be characterized as consumption-led growth fueled by oil and gas export revenues. Classification Numbers: C67, C82, E23, LT1, Q43.2 figures, 10 tables, 20 references. Key words: Russian oil, Russian gas, Russian GDP, value added, trade margins.