ths of economic growth between 1993 and 2005. To avoid Dutch disease, the Stabilisation fund was established in 2004. Windfall energy revenues were used to pay back creditors, which had the additional advantage of being non-inflationary. Russian economy experienced budged surpluses and remarkable drop in inflation. The increase in real wage and pensions were remarkable, total convertibility of ruble opened doors for loans and new era of Russian economy began. In 2004 US declared Russia market economy. Russia was strongly hit by financial crisis in 2009 (-7,8%) due to its resource based growth, which caused high vulnerability on external shocks. Active economics policy, public spending, sale of state owned investments and low public debt have brought Russia out of crisis after two quarters of negative growth in 2009 back to 4% growth in 2010.
3. Characteristics of growth and development
3.1 Gross value added by economical activity
Table 2: Gross value added by economical activity, 2008, Russia and Brazil (% of total GDP)
GROSS VALUE ADDED BY ECONOMICAL ACTIVITY, 2008, RUSSIA (% of total GDP) Wholesale and retail trade20, 3% Manufacturing17, 5% Real estate, renting and business activities11, 3% Extraction of mineral resources9, 3% Transportation and communications9, 3% Construction6, 3% Public administration and defense; social insurance5, 4% Financial activities4, 4% Agriculture, hunting, forestry, fishing4, 4% Health and social services3, 4% Production and distribution of electricity, gas and water2, 9% Education2, 8% Other community, social and personal services1, 8% Hotels and restaurants1, 0% GROSS VALUE ADDED BY ECONOMICAL ACTIVITY, 2008, BRAZIL (% of total GDP) Other Activities37, 3% Mining, Manufacturing , Utilities23, 4% Wholesale, retail trade, restaurants and hotels19, 3% Manufacturing17, 3% Transport, storage and communication9, 1% Agriculture, hunting, forestry, fishing5, 8% Construction5, 1% of gross value added by economical activity in 2008 was added by mining, manufacturing and utilities in Russia (28%), in Brazil this category added 23,4% when in US 16,7%. In this category the difference between countries is the greatest. In all three countries around 5% of GVA (gross value added) was created by construction. GVA in agriculture in US is just 1% in Brazil 5,8% and in Russia 4,5%. What is not surprising, because Brazil s agricultural sector operates on a grand scale. Brazil is responsible for 80% production of the world s orange juice, 25% of the worlds exported sugar and has the world s highest sales figures per country for chicken and beef, and is the world leader in soybean export. When we look data fo...
