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Official Russian 2007 GDP Announced

January 29, 2008 | www.kommersant.com

Growth of the gross domestic product in Russia last year has been raised from 7.6 percent to 7.7-7.8 percent, RIA Novosti reports, citing Minister of Economic Development and Trade Elvira Nabiullina. Nabiullina was speaking at a meeting of the Russian government. The correction was due to the indicator's rapid rise in December of last year, which was 8.4 percent over that of December 2006.

Retail sales were up 16.7 percent last December. Nabiullina commented on that figure that “consumer optimism is supporting economic growth.” According to Rosstat, the state statistics service, the volume of the GDP rose 7.8 percent in the first three quarters of 2007 compared with the same period of the previous year. The Russian GDP rose 6.7 percent in 2006, falling short of the 6.9-percent target.

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