Andrey Klepach, head of the macroeconomics department of the Russian Trade and Economic Development Ministry
Photo: Ilya Pitalev
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Economics Ministry Adjusts Prognoses
The Ministry of Economic Development and Trade published adjustments to its prognoses of the basic indicators of socio-economic development in the country. The changes are minor and mainly concern the prices of oil and natural gas, foreign trade levels, GDP growth and investment.
The ministry has not yet touched its politically sensitive inflation prediction. Ministry official Andrey Klepach acknowledged that “The final number may even be somewhat higher than 8 percent,” without specifying how much higher. The prognosis on the Economics Ministry website is 7-8 percent inflation for the year. Inflation in September was 0.4 percent.
Growth the GDP has been eased up from 6.4 percent to 7.3 percent. Klepach explained that, although GDP growth this year through August reached 7.7 percent, the world liquidity crisis is expected to have a perceptible effect on that indicator by the end of the year.
Estimated natural gas production been reduced by 5 billion cu. m. to 660 billion cu. m. due to expected mild weather. Estimated exports have been reduced by 6 billion cu. m. to 192 billion cu. m.
The ministry also expects the influx of capital to fall. That is not due to the world liquidity crisis, but to the fact that the state corporations have completed their round of acquisitions and will not be attracting credit in previous volumes.
www.kommersant.com
All the Article in Russian as of Sep. 27, 2007
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