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Economy of Moscow


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Moscow is one of largest city economies in Europe and it accounts for approximately 22% of the Russian GDP. As of 2009, the GRP in Moscow reached 7.16 trl roubles ($225 bln).

Moscow has the lowest unemployment rate of all federal subjects of Russia, standing at just 1% in 2010, compared to the national average of 7%. The average monthly wage in the city is 41,600 roubles (), which is almost twice the national average of 21,800 rubles (), and the fourth highest among the federal subjects of Russia.

Moscow is the undisputed financial center of Russia and home to the country's largest banks and many of its largest companies, such as natural gas giant Gazprom. Moscow accounts for 17% of retail sales in Russia and for 13% of all construction activity in the country. Since the 1998 Russian financial crisis, various business sectors in Moscow have shown exponential rates of growth. Many new business centers and office buildings have been built in recent years, but Moscow still experiences shortages in office space. As a result, many former industrial and research facilities are being reconstructed to become suitable for office use.

Albeit the fact that, overall, economic stability has improved in recent years, crime and corruption continue to remain a problem hindering business development.

The Cherkizovskiy marketplace was the largest marketplace in Europe, with a daily turnover of about thirty million dollars and about ten thousand venders from different countries (including China, Turkey, Azerbaijan and India). It was administratively divided into twelve parts and covers a wide sector of the city. Since July 2009 it has been closed.

In 2008, Moscow had 74 billionaires with an average wealth of $5.9 billion, which placed it above New York's 71 billionaires. However, as of 2009, there are only 27 billionaires in Moscow compared with New York's 55 billionaires. Overall, Russia lost 52 billionaires during the recession List of Russian
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