Russia's GDP to grow 15%-18% in 2003-2005
MOSCOW. Aug 25 (Interfax) - Russia's GDP will grow 15%-18% from 2003 to 2005.
This forecast is contained in an endorsed program of Russia's socioeconomic development in 2003-2005, published by the government information department on Monday.
The program says that, if it is implemented, "economic growth will reach 5%-6% in 2003 and 15%-18% in three years from 2003 to 2005, depending on foreign economic conditions. This gives grounds to expect economic growth to be over 7% after 2008."
"The intensification of growth sources and the increase of the country's competitiveness envisions the implementation of a 'scenario of accelerated diversification' of the Russian economy," the report reads. The priority providing for accelerated economic growth and diversification, in the view of the program's authors, is preferred development of the processing sectors, above all the high-technology and the service spheres, and the production of more value-added goods.
According to the forecasts, GDP will grow 5.6% in 2003, 3.8%-5% in 2004, and 4.8%-5.9% in 2005. In 2008, GDP is expected to grow by 5.0%- 6.5% against 2007. The share of services is supposed to grow from 53.4% in 2003 to 54.1% in 2005.
Industrial production is expected to rise by 5.9% in 2003, 3.6%- 4.7% in 2004, 4.0%-5.2% in 2005, and 4.6%-5.7% in 2008 against 2007. In the structure of industrial production, the share of extractive sectors would decline from 49.4% in 2003 to 48.2% in 2005 and 45.7% in 2008. Simultaneously, the share of processing sectors is expected to go up from 50.6% in 2003 to 51.8% in 2005 and 54.3% in 2008.
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