Deputy Prime Minister and Finance Minister Alexey Kudrin
Photo: Dmitry Dukhanin
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GDP Forecast Raised through 2010
The Ministry of Economic Development and Trade had given the government a new macroeconomic forecast for 2007-2010. Several parameters of the new forecast were presented yesterday by Finance Minister Andrey Kudrin and Deputy Economics Minister Andrey Belousov. GDP growth and inflation were both raised in the new forecast.
Kudrin told the editors-in-chief of major Russian media at a meeting at ITAR-TASS about the new inflation forecast. Predicted inflation for 2008 has been raised from 6-7 to 7.5-8.5 percent. For 2009, it was raised from 5.5-6.5 to 5.8-7 percent. The 2010 level remains 5-6 percent. Belousov separately reported that GDP growth for 2007 is now forecast at 7.3-7.4 percent, for 2008 6.6 percent (up from 6.4 percent), for 2009 6.3 percent (6 percent) and for 2010 6.4 percent (6.3 percent). The ministry decided to raise its estimates after analyzing several industries and raising its predictions for growth in chemicals, petrochemicals and agriculture.
Investment bankers are also optimistic about the GDP. Both ING Russia and Troika Dialog have made even higher predictions. Inflation is another story, however. While the Economics Ministry predicts 11.5-percent inflation for this year, Troika Dialog and HSBC are predicting 11.7-12 percent.
The Federal Tariffs Service approved a 25-percent rate hike for wholesale natural gas for Gazprom for next year, and a 19-percent hike for the cost of transport for independent gas producers. The wholesale price of gas t industry this year was 1351.80 rubles per cu. m. It will rise to 1690 rubles. ING Russia, Troika Dialog and HSBC predict inflation of 9-9.5 percent next year.
www.kommersant.com
All the Article in Russian as of Dec. 05, 2007
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