Russian GDP grows by almost 7% over January-August 2003 period

The Russian GDP grew by 6.9 percent over the January-August 2003 period. This was disclosed here today by First Deputy Russian Minister of Finance Alexei Ulyukayev at the "Russia And The CIS -- 2003" conference.

Moreover, fixed-investment volumes soared by 12 percent over the same time period, what with consumer demand skyrocketing by another 14.5 percent. This exceeds the relevant 2002-vintage indicators.

The machine-building sector and the metal-working industry now receive more investment than before, Ulyukayev stressed.

According to Ulyukayev, popular savings increased by 12.2 percent since early 2003.

This year's economic-growth parameters considerably exceed those of previous years, Ulyukayev reminded his audience. The Russian GDP would be expected to grow by 5.9 percent before the year is out, Ulyukayev reminded those present. In his opinion, 5-6-percent economic growth is to be attained over the 2004 period and during the next two years, as well.

This will make it possible to ensure sustainable economic growth, the First Deputy Minister of Finance stressed.

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