Russia's GDP steps up 5.7% in Q3

In the third quarter of 2003, Russia's GDP grew 5.7 percent against the same period of 2002, Russian Economy Minister German Gref told journalists today. Over the first nine months of 2003, the GDP growth totaled 6.5 percent. Gref said that, according to the ministry's forecast, in 2003 the GDP would rise 5.9 percent. However, this forecast may be revised after an industry analysis of the GDP growth is completed, the minister added.

According to Gref, the forecast may be corrected upwards due to high oil prices. The dependence of the Russian economy on the oil sector has not diminished as yet, the policymaker concluded.

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