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Industrial Growth Needs No Reasons
The rates of industrial growth accelerated to 6.7 percent in May after certain slowdown in April and to the obvious astonishment of economists. The reasons of such healthy performance are yet unclear, but the general forecast is that industrial growth will notably exceed the official outlook this year.
It was Vice Premier Alexander Zhukov that reported industry’s acceleration to President Vladimir Putin. Production stepped up 7.4 percent from January to May of this year (vs. 4.8 percent a year earlier), Zhukov said yesterday.
The production grew 6.7 percent on year in May separately, though the pace slowed down to 4.6 percent in April. “Processing production ensured the better part of industrial growth. It climbed 11.9 percent over five months of 2007,” Zhukov pointed out.
Such healthy performance of industry in May stunned economists, who expected the decline on expiration of the low-base effect of the start of 2006. Moreover, the World Bank analysts have repeatedly emphasized that there are no reasons for the surge in processing industry. According to John Litwack, who is the World Bank chief economist for Russia, in the World Bank, they don’t understand reasons for accelerated growth in processing industry and will be very much surprised if the rates are maintained till the end of 2007.
www.kommersant.com
All the Article in Russian as of June 19, 2007
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