"Expert RA" confirmed the rating of the Republic of Karelia

AK&M 22 October 2021 19:14

The rating agency "Expert RA" on October 22, 2021 confirmed the creditworthiness rating of the Republic of Karelia at the level of giVVV-. The rating forecast is stable. This is stated in the agency's message.

The Republic of Karelia is a constituent entity of the Russian Federation, part of the North-Western Federal District. The area of the region is 180.5 thousand square kilometers, the administrative center is Petrozavodsk. The economy of the region has a diversified structure with an emphasis on manufacturing, mining, transportation and storage. Mining (18.8%), manufacturing (18.4%), transportation and storage (9.4%) have the greatest weight in the economy of the republic. The structure of manufacturing production is dominated by the timber industry, the food industry, the metallurgical complex, the production of machinery, vehicles and equipment. The Republic of Karelia has significant reserves of forest and mineral resources. The natural resources of the region form the basis of its investment potential.

The volume of budget revenues by the end of 2020 amounted to 60.6 billion rubles, the volume of budget expenditures – 67.6 billion rubles.