The economy of the Moscow metropolitan area is one of the five largest in the world
The GDP of the Moscow metropolitan area measured by purchasing power parity at the end of 2020 exceeded 1 trillion US dollars. According to Euromonitor, the Moscow metropolitan area ranks fifth in the world in terms of GDP.
“Moscow metropolitan area, determined by Euromonitor as territory of Moscow and the Moscow Region, is one of the five largest megacities in the world, along with New York (GDP exceeds $1.8 trillion), Tokyo ($1.79 trillion), Seoul ($1.14 trillion) and Los Angeles ($1.13 trillion), and surpasses a range of cities such as London, Beijing, Paris and Shanghai”, — said Vladimir Efimov, Deputy Mayor of Moscow for Economic Policy and Property and Land Relations.
More than a quarter of Russia’s GDP and almost half of the volume of FDI stocks is accounted for the Moscow metropolitan area. Shaping favorable business environment has made the area one of the most promising global centers for investment inflow and production growth.
“Over 10 years, GDP of the Moscow metropolitan area at purchasing power parity has grown by 29 percent, while Tokyo's GDP growth constituted 18 percent, New York's-36 percent. The growth leader was Beijing, demonstrated more than a two-fold increase of GDP over the past decade. In general, the cumulative growth of the top 10 metropolitan areas in the world, including New York, Tokyo, Seoul, Los Angeles, Moscow, Shanghai, Paris, Beijing, Istanbul, London, accounted for 46 percent over the past decade”, — Moscow Government Minister, Head of the Department for Economic Policy and Development Kirill Purtov noted.
According to the methodology of the Organization for Economic Cooperation and Development (OECD), a metropolitan area includes a city and adjacent territories, from where residents regularly arrive in the city center for business, entertainment and other purposes. Commuting zones are counted in case at least 15% of their employed residents work in a certain city core, the Moscow Analytical Center explained.