Kursk region improves composite social and economic development index and composite real economy development index

In the first quarter 2012, Kursk region advanced in two primary indices: the composite social and economic development index and the composite real economy development index. The region has moved from the group of regions with minimal performance and joined the regions with a mixed development trend profile, now firmly settled as a medium-performing Russian region, according to a statement made by the information support management of Kursk region’s Information and Press Committee, referring to Alexander Krivolapov, Deputy Governor of Kursk region, who commented on the monthly report of Russia’s Ministry of Regional Development addressing the economy, finance, banking and social spheres in the constituents of the Russian Federation.

This achievement was brought about by the improving real economy and budgetary performance; also, the region preserved the composite investment appeal index.

Kursk region is in the Top 10 regions with the greatest agricultural production index. The industrial production index, the power consumption growth rate, the share of profitable enterprises, the real monetary income growth rate match or exceed the respective average Russian values. The official unemployment rate is below the average Russian level.

Besides, the region also improved its composite budgetary system index becoming one of the 20 regions with the highest index value. It is also one of the 10 regions leading in the growth rates of tax & non-tax budgetary receipts and of corporate profit tax receipts.

Despite these positive signals, Kursk region has not yet achieved a better social and economic development position in the rating of Russian regions, basically due to the low composite personal income and employment index. Although the index is improving against January-February 2012, Kursk region is still in the bottom 20 regions with the lowest index values.

The principal reason for that is that the region has arrears in wages (RUB 32.4 million as of April 1, 2012). However, measures taken by the Government of Kursk region reduced the backdated wages to RUB 8.1 million as of May 1, 2012.

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