Yekaterinburg
Overview

Yekaterinburg is one of the largest economic centres in Russia. It is included in the City-600 list (it unites the 600 largest cities in the world that produce 60% of global GDP), compiled by the McKinsey Global Institute, a research organisation. In 2010, the consulting company estimated the gross product of Yekaterinburg to be about $19 billion (according to the calculations of the company, it should grow to $40 billion by 2025).

By volume of the economy, Yekaterinburg ranks third in the country, after Moscow and St. Petersburg. According to a research of the Institute for Urban Economics, in the ranking of the largest cities and regional capital cities according to economic standards for 2015, Yekaterinburg ranked third. The city's gross urban product (GVP) was 898 billion rubles. Per capita GDP was 621.0 thousand rubles (18th place). In 2015, the gross urban product of the Yekaterinburg metropolitan area amounted to 50.7 billion international dollars (the fourth place in the country) or 25.4 thousand international dollars in terms of per inhabitant of the metropolitan area.

In the Soviet era, Yekaterinburg (as Sverdlovsk) was a purely industrial city, with a share of industry in the economy of 90% (of which 90% were in defense production). With Chelyabinsk and Perm, the three cities formed what to be the Urals industrial hub.

The former head of Yekaterinburg, Arkady Chernetsky, has set the goal of diversifying the city's economy, which has resulted in the development of sectors such as warehousing, transportation, logistics, telecommunications, financial sector, wholesale and retail trade, etc. in Yekaterinburg. Economist-geographer Natalia Zubarevich points out that at the present stage, Yekaterinburg has practically lost its industrial specialisation.
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