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. Last Updated: 07/27/2016

St. Petersburg Production Decline Slows

ST. PETERSBURG -- The decline in industrial production in St. Petersburg continued to slow in 1995, with joint ventures and privatized enterprises relatively better off than their state-owned counterparts.

"Privatized enterprises are working in a more adjusted way," said Ivan Bakhmatyev, deputy chairman of the city economic and finance committee. "The market seems to have little impact on the way state-owned companies do their business."

While overall industrial production declined 13 percent in 1995, the year-end decline was 15.6 percent if joint ventures and small enterprises are excluded.

The 1994 decline in production, excluding joint ventures and small enterprises, was 25 percent. The largest falloff of 1995 was in January, after which production remained relatively constant for the rest of the year.

The largest drops were in fuel and oil products (65 percent), light industry (30 percent) and wood and paper product industry (27 percent). Military production declined 5.6 percent.

Increases in production were seen in the fields of metallurgy, electrotechnical machine building, railroad machine building, construction materials, and food and alcohol production.

During 1995, 71 industrial enterprises and 38 scientific research institutes were declared insolvent.

Investment in industrial construction fell by 24.2 percent, totalling 730 billion rubles ($155 million), compared with a drop of 38.3 percent in 1994.