Economic Growth Rate In Moscow On The Rise

This year the rates of economic growth accelerated in Moscow, the city's Mayor Yuri Luzhkov stated Friday speaking at a conference. He said that over the first nine months of 2001 economic growth in Moscow constituted 7.8 percent. At the same time, according to Luzhkov's estimate, "the second half of the year was more successful that the first one." Luzhkov emphasised that Moscow, whose population constitutes about 6 percent of Russia's total residents, provides for almost 30 percent of the federal budget revenues. At the same time, profits of small and medium-sized businesses cover nearly half of the city budget revenues and efficient use of city property provides for another quarter of revenues, the mayor noted.

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