 RUSSIA IN FACTS |
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Premier briefs Duma on successes of Russian economy
Moscow, 16 January: Russia's gross domestic product (GDP) and industrial output have grown by 30 per cent over
the last four years, Prime Minister Mikhail Kasyanov told the State Duma on Friday [16 January]. The State Duma is the
lower chamber of the Russian parliament.
Investment in fixed assets has grown by over 35 per cent, labour productivity has increased by over 30 per cent and
production in the agricultural sector has grown 20 per cent over the period, he said.
"The current trends show that we have overcome the reduction in the economic growth rate that we saw in 2002 and
reached a rate that will allow us to double Russia's GDP in 10 years," Kasyanov said.
People's real disposable incomes have risen by more than 50 per cent over the last four years, which is
"three times more than in developed countries", he said.
Household consumption rose to 50 per cent of Russia's GDP, from 45 per cent, he said, without noting the year
for the latter figure.
The diversification and upgrade of the Russian economy is still proceeding at a slow pace, but there are tangible
results, Kasyanov said, noting that the manufacturing sector currently accounts for 10 per cent of Russia's GDP,
while earlier it accounted for 8 per cent. He did not name the exact period.
The exports of Russia's machine-building sector was at 11bn dollars in 2003, Kasyanov said, without
elaborating.
According to different estimates, Russia's GDP grew 6.7-6.8 per cent last year, up from a 4.3 per cent growth in
2002.
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