6 May 2015, HD FestForest news - The Russian forestry industry contributed an extra 0.3 per cent to the country's total gross domestic product (GDP) in 2014 in comparison to 2013, new figures reveal. This is according to data from WhatWood, which shows that the sector's share in Russia's GDP rose to 1.62 per cent last year - its highest level in four years.

However, this percentage is still behind the nominal Russian GDP growth rate, which has been attributed to a significant decline in the value of the ruble.

Despite this, WhatWood's report showed that the country's forestry industry grew at an unexpected pace during 2014, indicating that its timber sector has not been affected by the currency situation, but is performing strongly regardless.

Looking at the data relating to the timber industry in more detail, it can be seen that biofuels and biotechnology were increasingly coveted last year, while demand for pulp and paper fell - something that may be due to developments in technology encouraging more businesses to adopt a paperless approach.

Source: http://www.hdfestforest.com/News-archive.10028.aspx?recordid10028=801786351