Andrey Klepach, head of the macro-economics department of the Russian Trade and Economic Development Ministry (MERT).
Photo: Ilya Pitalev
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Russia’s GDP Preliminary Estimated Up 6.9 Percent in 2004
Russian Gross Domestic Product (GDP) grew at 6.9 percent pace in 2004 compared with the previous period, AK&M news agency referred to the preliminary estimate made by Andrei Klepach, head of the RF Economic Development Ministry’s macroeconomic forecasts department.
According to Klepach, the fourth quarter was “better than the third” in investment growth and rates of economy’s advance.
When making out the outlook for the first quarter of 2005, Klepach said both growth and slowdown may continue. “There’s a chance to maintain this [positive] trend, but on the other hand, it is possible that it won’t happen,” said the official, specifying that a gap between the outlooks is too wide and a lot will depend on how the authorities and business community will take current events in the economy.
Today’s situation with such high crude prices is not to the advantage of Russian economy. With the price above $40 per barrel, “the budget swells up”. “Our economy is to look for new incentives for economic growth (...). Economy cannot be always built up on an oil and gas pipe,” said Klepach.
According to Klepach, the economy is to be based on “the definiteness of strategic plans” and, though “this won’t provide for an economic boom straight away, it will lay foundation for further advance.”
In 2003, Russian GDP gained 7.3 percent.
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