Data released today show that Russian Gross Domestic Product rose 7.14% in real terms in 2004, marginally less than the 7.35% rise in 2003.

Growth in consumption accelerated to a 9.20% increase from a 6.24% rise in 2003. Imports, perhaps in part at least, due to the rise in consumption, rose sharply. They were up 23.92 % from the 17.66% rise in 2003. The 13.14% rise in exports in 2004 was little changed from the 12.47% of 2003. The year to year growth in exports and imports is shown in the first chart. The growth in Gross fixed investment was 10.83% last year compared to 12.47% in the previous year. Inventory accumulation was a positive, if relatively small, factor in the rise of GDP. Total GDP for the year amounted to 16,779 billion rubles or $535.billion. Per capita GDP in dollar terms was a little more than $4000 in 2004.

Although inflation has come down from extremely high levels of 2000, it continues to be high. The GDP deflator rose 18.64% in 2004, up from 13.67% in 2003. The second chart shows the rate of increase in real GDP and in the GDP deflator.