Russia 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 1.4%, very discouraging 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 5.3% to 5.7% 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.