This file photo of February 23, 2005 shows Mikhail Kopeikin, deputy head at Russia's Goverment Office.
Photo: Pavel Smertin
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Russia’s GDP Surged 7.7 Percent Jan-Aug
Russia’s GDP grew 7.7 percent in January to August of this year vs. 6.2 percent a year earlier, signaled the survey of current economic situation elaborated by the RF Economic Development Ministry.
Russia’s economy maintained the accelerating rates in summer, though the pace slowed down in August vs the speed manifested in May through July. The August growth in GDP was just 6.4 percent. Less seasonal and calendar factors, the monthly growth in GDP was still rather high (0.7 percent a month on average from January through August of 2007).
The economy accelerated on high rates of investment growth, construction, consumer demand coupled with increasing impact of imports in meeting domestic demand in the environment of some slowdown in processing industries and exports.
Economic Development Ministry also provided the inflation estimate for January through September, saying the inflation was 7 percent to 7.1 percent during the period. Consumer inflation went down to 0.1 percent in August because of the seasonal drop in prices for fruit and vegetables from 0.9 percent to 1 percent posted in June through July. The inflation was 6.7 percent from early this year (vs. 7.1 percent a year ago) and 8.6 percent for a year’s period (August 2007 to August 2006).
At the same time, the external surplus of Russia shed 17.9 percent on year to $82.1 billion in January through August 2007. Exports reached $216.9 billion, while imports stood at $134.8 billion.
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