Russia experienced a 4.5% real-term decrease in construction output in 2014, according to latest findings from the research group PMR.
State Statistics Service (Rosstat) figures of RUB5,981.7 billion (€77.9 billion) compared with RUB6,019.5 billion (€74.81 billion) in 2013 (calculated at present exchange rates), which translates to a 0.6% decrease.
In December 2014 alone, the country’s construction output fell by 2.7% year-on-year against 2013 figures.
The drop in construction output comes amid a major fall in the value of the Ruble. In 2014, Russia’s currency dropped in the region of 41% against the Dollar and 33% against the Euro.
This was against a backdrop of faltering oil prices for the region and ongoing sanctions imposed on Russia by the EU and US over its political tensions with Ukraine.
However, Moscow authorities including its mayor Sergey Sobyanin have signalled an intention to continue key infrastructure development plans, including a $30 billion (€26.35 billion) upgrade of the city’s metro system.
President Vladimir Putin has also ordered a doubling of the country’s roadbuilding programme by 2022.