MOSCOW (AP) - Russia's gross domestic product is expected to grow by 3.8 percent this year, according to new economic projections released Wednesday by Russia's Ministry of Economic Development.
The statistics predict that industrial production will grow by 3.7 percent and the agricultural industry by 3 percent, ITAR-Tass news agency reported. Retail trade is expected to increase by 7 percent.
Foreign investment in the Russian economy was up in the first three months of this year, compared to the same period last year, ITAR-Tass said. Accumulated foreign investment totaled dlrs 34.4 billion, up 8 percent from last year.
The Russian economy received dlrs 3.8 billion in foreign investment in the first quarter of 2002, up 39.4 percent from last year, according to the government figures.
Companies from Germany, the United States, Cyprus, Britain, France, the Netherlands and Italy are the biggest investors - accounting for 78 percent of all foreign investment, the news agency said, citing government figures.
Russia has seen steady economic growth in recent years, after a 1998 financial collapse that scared away investors and wiped out the savings of ordinary Russians.