GDP increases in Russia

GDP increases in Russia

The Russian Economy Ministry has released data regarding gross domestic product (GDP) figures of Russia. According to the statistical information, in the first ten months of 2003, GDP surged by 6.6% in Russia as a result of upward trend of country's manufacturing sector. The increase was 4% in the same period of 2002. GDP has increased by 6.8% in the first quarter and 7.2% in the second quarter of 2003, according to State Statistics Committee. The Russian economy grew by 5.7% in the third quarter of 2003. In the first ten months of 2003, crude steel production indicated a 10% increase while both pipe and coated steel output grew by 18%. Furthermore, production of construction materials increased by 9%.