Russia ranks first in GDP growth

Russia ranks first in GDP growth

Based on IMF publications, the Federal Statistics Service stated that Russia surpassed all industrially developed countries in terms of GDP (Gross Domestic Product) growth in the first half of 2004. Russia's GDP grew by 7.4% in January-March 2004 period compared to the same period of last year. GDP increased by 5.6% in Japan, 4.8% in the US and 3.4% in UK. In France, Canada and Italy, the GDP grew by less than 2%. At the same time, Russian Economy Ministry increased its 2004 GDP growth forecast to 6.9% level. Moreover, 2005 GDP will grow by 6.3%. Russia's GDP is expected to grow by 6.1% in 2006 and 6.5% in 2007.