24 May 2004 04:43
Russian economy grew 8% in 4 months - ministry (Part 3)
MOSCOW. May 24 (Interfax) - The Russian Economic Development and Trade Ministry estimates GDP grew 8% year-on-year in
January-April, Andrei Klepach, head of the ministry's Macroeconomic Forecasting Department, told a briefing.
"The pause in growth seen in February-March did not happen, and April saw accelerated growth in all
sectors," Klepach said. He said industrial output grew 0.7% in April compared with March, even adjusted for the
number of calendar days and seasonal factors. In March, though, "output adjusted [for those factors] rose just
0.1%," Klepach said.
"Economic performance is on a par with the fourth quarter of last year and is a little behind the start of last
year," Klepach continued. In January-April 2003, he said, GDP was 7.6% higher than in the same period of 2002.
Two main factors, namely higher exports and the "consumer boom," fuelled economic growth in general.
Exports grew 10% year-on-year in physical terms in the first quarter of 2004 and consumer spending rose 10.7%, Klepach
said. In addition, investments were higher in April than in March, adjusted for the number of days and seasonal factors,
while they fell in March compared with February.
On the whole there is a "very strong positive potential for economic growth and it is a question of what part of
it we use."
Klepach said the government would most likely revise its growth forecasts for GDP and industrial output in 2004
upward. The current GDP forecast is 6.4%. [RU ASIA EUROPE EEU EMRG ECI MCE] pr as aw <>
[Interfax] |
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