Kuban’s economic boom: Q1 2024 growth trends

From January to March, the GRP growth in Krasnodar Territory was recorded at 103.5%.

«The economy of the Krasnodar Territory continues to show strong growth. Wholesale trade turnover is at 120.6%, while retail trade turnover stands at 104.8%. The construction sector has made a significant contribution, with a growth rate of 119.7%.  In the first quarter, the industrial production index was 102.1%,  with the main growth coming from industries with import-substituting potential,» as stated by the Minister of Economy of Krasnodar Territory, Alexey Yurtayev.

According to the regional agency, the production of leather and leather goods increased by 3.6 times, while vehicles and equipment increased by 3.2 times.  The production of beverages showed a growth of 164.9%, and for computers, electronic, and optical products, it was 133.5%. Metallurgical products also saw an increase of 118.6%. Together, these industries make up 23% of the total industrial output of the region.

Positive progress was also seen in public catering,  with a 2.7% increase in turnover for the first three months of 2024. Additionally, services in the transportation sector grew by 101%.

The average monthly salary has reached 58.9 thousand rubles, and the registered unemployment rate remains low at 0.3%.