Gref posts data on industrial production growth in 2002

Industrial production growth is expected to reach about 4 percent in Russia this year compared to 2001, Russian Economic Development and Trade Minister German Gref announced at an Internet press conference today. He stated that a rise in GDP would be 4 to 4.1 percent this year instead of the planned 3.5 percent.

A rise in GDP is linked largely to a favorable external economic situation, which provided about 50 percent of this growth. Another about 30 percent of the GDP growth was provided by a rise in incomes of Russian citizens.

Returning to the issue of industrial production growth, Gref stated that the most rapid rise had been observed in the non-ferrous industry (7.7 percent in the first eleven months of 2002) and food and fuel industries (6.7 percent).