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Russia Construction CostsRussia recently became the leading oil producer, producing more than ten million barrels a day, leapfrogging over Saudi Arabia.  The Russian GDP forecast for 2nd half of 2017 is 1.5%, very disappointing from a decade back.  The Russian economy is expected to improve modestly in the 2nd half of 2017 & of course this will positively impact construction activity.  Falling oil revenues & trade restrictions from the European Union & the USA over the Ukraine situation has been a drag on the Russian construction sector:  Unemployment in the construction industry is somewhere between 10% & 12%.  Construction inflation in the 2nd half of 2017 is forecast to be in the 5.1% to 5.5% range.  The Russian construction market is forecast to experience minimal growth in the oil & gas sector & modest growth in the commercial / housing construction sector in the 2nd half of 2017, construction work for 2018 World Cup continues.

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