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GDP growth to beat expectations, Russia's Deputy PM says

February 11, 2008 | RBC

GDP growth could amount to 7 percent in 2008, Russia's Deputy PM, Finance Minister Alexei Kudrin believes. As he told journalists in Tokyo, the Russian government earlier estimated GDP growth at 6.6 percent on expectations of less than 8 percent in 2007. Meanwhile, preliminary data puts the 2007 figure higher, at 8.1 percent, which Kudrin considers fairly high, and able to facilitate an increase of 7 percent in 2008, even amid some bearish factors.

The Finance Minister also believes that inflation can be kept within 8.5 percent in 2008 amid growing imports and a shrinking trade surplus. Moreover, Kudrin does not anticipate a booming capital inflow or as big a food price jump as a year earlier.

While acknowledging that the Russian market is sensing the influence of the global crisis, Kudrin argues that its impact on Russia's economic growth will probably be only minimal.


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