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Russian economic growth getting stable

February 14, 2008 | www.barentsobserver.com

In its annual report on the social and economic situation in the country, the Russian Ministry of Economic Development and Trade underline that economic growth is getting more stable. Last year economic growth in the country totalled 8,1 percent.
The report states that consumer demands continue to grow and that investments pour into the economy.

According to figures from the Russian Statistics Service (Rosstat) GDP growth in 2007 totalled 8,1 percent, up from 7,4 percent in 2006.

According to RIA Novosti, total investments in the country in 2007 increased with 21 percent compared with 2006. Most of the investments came in the petroleum sector, foodstuff sector and within the property business, the report reads.

The construction industry had a 18,2 percent growth in the course of the year and 19,4 percent more housing space was built.

The report also says that the increasing inflation (about 12 percent) did not slow peoples’ income increase.

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