Support The Moscow Times!

Internet Added $60Bln to Russia’s Economy in 2018, Study Says

Pixabay

Russia’s internet sector has contributed 3.9 trillion rubles ($60.8 billion) to the overall economy last year, an 11 percent increase from 2017, according to the Russian Association of Electronic Communications.

The study correlates with Kremlin estimates that Russian internet companies account for about 4 percent of gross domestic product.

E-commerce accounts for half of Russia’s 3.9 trillion ruble internet economy at 1.95 trillion rubles ($30.4 billion), according to Wednesday’s report. Marketing and advertising added 262.9 billion rubles, followed by 106 billion rubles generated by domain, hosting and cloud services, and 75 billion rubles by media and entertainment.

Russia’s internet economy nearly equaled the 4 trillion rubles that the country’s largest oil producer Rosneft contributed to the national budget in 2018, The Bell business outlet reported.

The Russian Association of Electronic Communications has estimated the overall number of internet users at 92.8 million, or 76 percent of Russia’s population.

A March study by the Gaidar Institute noted the rising rates of internet penetration in Russia to about 70 percent. However, in the past three years the share of those who take part in e-commerce has plateaued at 35-43 percent of the population.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more