Igor Galas: Kuban is one of the top three Russian regions in terms of economic growth

Igor Galas, the First Vice-Governor, recently addressed the extended Board of the Ministry of Economy and the Ministry of Finance of the Krasnodar Region, highlighting the region’s economic performance.

“The region’s share in the country’s GDP has increased to 3 percent. For the second year in a row, the Krasnodar Region ranks sixth among all Russian regions. The Kuban economy is also among the top three regions in terms of growth rates. This is the result of the region’s coordinated efforts in the economic and financial sectors, as well as across all municipalities,” he noted.

In 2024, 43 municipalities reported an increase in retail trade turnover, while 30 saw growth in industrial production, and 28 recorded higher sales of agricultural products. 19 municipalities reported increased construction activity and investment in fixed assets, 18 municipalities saw growth in transportation services, and nine reported an uptick in sanatorium and resort services.

“In 2025, our main goal is to maintain the region’s GRP growth at a minimum of 3 percent and achieve a GRP target of 6 trillion rubles. We expect industry, agriculture, construction, and retail trade to be the primary drivers of this growth. The investment growth rate in fixed assets is projected to be 102.3% in 2025. Over the next three years, we anticipate approximately 3.7 trillion rubles will be invested in the region’s economy. The budget for 2025 is expected to be 767.1 billion rubles, with growth projected at 14.1% or 94.7 billion rubles, matching the level of 2024. In 2025, the regional budget will allocate 186.1 billion rubles for regional and municipal property, which is 1.8 times more than in 2024,” Igor Galas outlined the main directions for the current year.