As it has been informed by Deita.ru, Magadan region has won the Second Russian Contest of Russia’s economy financial development. The region was named the best subject of the Russian Federation in the field of financial and economic development.

The region’s economy has grown up by over 30%. Gold mining industry has made an important contribution to this growth, for example, in 2002 over 33 tons of gold and 160 tons of silver were mined n the region.