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Russia’s Economy Continues to Advance
The positive trend for Russia’s economy’s development will continue all this year, Prime Minister Mikhail Fradkov told prime ministers at the meeting of EurAsEc Interstate Council.
”As yet, there are no final statistics by results of the first quarter, but preliminary data allow to say that the positive trends will survive this year,” Fradkov pointed out.
Russia’s GDP stepped up 8.4 percent in January to February of this year vs. 5.1 percent posted a year earlier. Mining operations grew 4.3 percent and processing industry advanced 15.7 percent, the prime minister specified. The increase in industrial production was 8.6 percent on year in the first two months of 2006.
Russia’s economic growth will be based on “investment and innovation components” in mid-term future, Fradkov forecasted. For this purpose, the government intends to create and boost capitalization of such financial institutions as Investment Fund, Venture Fund and the Bank of Development.
Russia, Belarus, Kazakhstan, Kyrgyzstan, Tadjikistan and Uzbekistan are members of Eurasian Economic Cooperation Organization (EurAsEc). Moldova, Ukraine and Armenia are observers.
The aggregate GDP of EurAsEc reached $1,200 billion in 2006; turnover surged by over 30 percent to $36.3 billion vs. $28 billion in 2005.
www.kommersant.com
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