Austin wrote:Just an Oil Company? The True Extent of Russia’s Dependency on Oil and Gas
Carnegie is a Trojan outfit that sponsors the liberast lunatic fringe as part of the US soft power projection.
The above article is totally false in its numbers. As of 2013 the total contribution of the oil and gas industry
to Russia's GDP was 13%. You can calculate this yourself. Take the total exports for that year of oil and
gas in dollars and compare them to the nominal
GDP in dollars. This is the actual injection of money
from this industry into Russia's GDP. The part driven by domestic consumption from this industry is much smaller
and does not affect the 13% much.
The article would have you believe that any recycling of this oil and gas money in the Russian GDP has to
be counted as part of that industry. This is ludicrous. By the same "logic" any recycling of money from
any industry has to be counted as part of that industry. Since there is continual exchange of money between
various industries that would mean you would multiple count their GDP contribution. And when you added
them all up they would sum to several times the actual GDP. This is not how the GDP is calculated, including
in the case of the USA, Canada, etc.
The GDP only counts the instantaneous exchanges in the economy and does not accumulate exchanges and
attribute them to their origin point.
The Carnegie clown is just bitter that oil and gas exports and state rents bring in cash into Russia's economy and
raise its standard of living. Anyone who prances around and claims that the oil price will never go up and will only
go down is certifiably mentally retarded. And we also know that the ruble devaluation has cancelled out the impact
of the oil price decline on Russia's GDP since Russia's GDP operates in rubles and not dollars.