Economy Ministry forecasts industrial production rise in 2003

Industrial production growth will reach 3.2-4.1 percent in Russia nextyear, a report on the social and economic development of Russia in 2003says. This report was worked out by the Economic Development and TradeMinistry for today's meeting of the government, and it also includes themain economic forecasts though 2005. A more significant rise in productionis expected in the engineering and metalwork sectors (5-6 percent), oilproduction (4-7 percent), the coal industry (4-8 percent) and on the marketof construction materials (4-5 percent).The forecast of Russia's economic development through 2005 stipulates theupgrading and re-equipment of the industrial sector, the promotion ofprogressive technologies requiring less energy in domestic industries, theincrease in cost effectiveness while replacing imported goods on theRussian market and improvement of the efficiency of using raw materials andfuel. The Economy Ministry forecasted that industrial production growthwould hit 16-20 percent in 2005 as compared to 2001..