The city’s manufacturing industry accounts for the major contribution.
According to the St. Petersburg Committee for Economic Policy and Strategic Planning, during January-August the industrial production index of St. Petersburg grew by 5% year-on-year.
The industrial growth rate in St. Petersburg is not only above the city’s own results for the past three years but also exceeds the average growth rate of Russia.
The growth is much due to the city’s manufacturing industry, first and foremost machinery engineering. A significant growth is also recorded in beverages production, rubber, plastic and fabricated metal products manufacturing, and in the pharma segment.
Earlier, St. Petersburg Governor Alexander Beglov signed a decree regulating granting subsidies to industrial companies to compensate for the expenses incurred obtaining export certificates and declarations.