March GDP grew an estimated 7.5% year-on-year, the ministry said. GDP growth was 8.7% in February and 7.9% in January.
In the first quarter of 2003, GDP grew 7.5% year-on-year, including by 7.9% in March.
"Growth at the start of this year was fueled mainly by domestic consumer demand. For the first time in recent years Russian manufactures satisfied a larger share of increased domestic demand than importers. It is estimated that simultaneously, growth in physical exports and imports slowed," the ministry said.
Output growth in Russia's core sectors was 7.9% year-on-year in the first quarter of 2004. Industrial output grew 7.6% and capital investments were up 13.1%.
The economy ministry forecasts GDP growth of 6.4% this year as a whole. It forecasts industrial output will grow 5.9% and capex 11.5%.
GDP grew 7.3% in 2003. <>
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