Industrial production growth to gain 3.6% in Russia in 2002

According to estimations of the Russian-European Center for Economic Policy (RECEP), the industrial production will gain 3.6% in Russia in 2002, editor-in-chief of the 'Russian Economic Trends' monthly brochure, which is issued by RECEP Seija Lainela declared. According to her, the economic growth rate has intensified in our country recently. In June 2002 it was 4.4% higher against June 2001.

Lainela was quoted as saying that RECEP and the government had similar forecasts about the industrial production growth in Russia in 2002. The main factor that intensified growth tendency over the last several months was a favorable foreign economic situation, including high oil prices. Another important factor was the intensification of the growth of investments over the last three months - by 1.7% in May 2002 compared to May 2001. Talking about the growth of the Euro exchange rate, Lainela remarked that "this won't have a significant impact on the economy of Russia." In her opinion, this will lead to an increase in Russia's exports to the EU countries.