UN forecasts Russian 2003 GDP growth at 3.5-4.4 per cent

In 2003 the growth of the gross domestic product /GDP/ in Russia will be 3.5-4.4 per cent. This forecast is available in the review of the European countries' situation prepared by the UN Economic and Social Council /ECOSOC/. It was published on Wednesday in New York.

On the whole, the countries of East Europe and the former Soviet Union continue to witness a production growth: their aggregate real GDP will grow by approximately 4 per cent this year, the document points out. In 2002 the aggregate GDP of former Soviet republics grew by 4.8 per cent, and that of East European countries by 3 per cent.

The main factor that contributes to the production growth in the region is the high level of domestic demand, the ECOSOC experts believe.

"In some former Soviet countries several years of high growth contributed to increasing the living standards of the population, which in its turn increased domestic support to the economic activities," the report reads.

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