Russia's GDP to grow by 6.6% in 2004
MOSCOW. June 17 (Interfax) Russia's GDP is expected to grow by 6.6% and industrial output by 6.3% in 2004, Economic Development and Trade Minister German Gref told a Thursday Cabinet meeting as he was presenting a forecast for the country's development.
"The forecast is fairly demanding as it is based on a monthly increase of 0.6 percentage points," he said.
GDP has grown by 7.4% in January-March and industrial out by 7%, Gref said. These figures have been cleared with the Central Bank, he said. "Increased exports with rising oil prices accounts for over one- half of the GDP growth, while in cost terms exports increased by 24.8% on the same period in 2003 and imports increased by 22.6%," Gref said.
The Cabinet expects oil prices to most likely remain at about $26 per barrel, he said. Our cautious forecast sets the price at $20.5 per barrel, Gref said.
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