Recent Updates

  • *** Australia Building Activity and Value of Private Construction have been re-referenced to Q3 2015-Q2 2016 ***
  • US: TIC (Nov)
  • US: Industrial Production Detail (Dec)
  • US: ADP Workforce Vitality Index (Q4)
  • Ireland: Harmonized Competitiveness Indicators (Dec)
  • UK: Government Deficit and Debt Under the Maastrict Treaty (Q3)
  • Spain: Harmonized Business Confidence (Q1), Outstanding Debt (Nov)
  • Slovakia: HICP (Dec); Albania: Foreign Trade (Dec); Kazakhstan:
  • more updates...

Economy in Brief

Russia Chalks Up Another 7+% Real Growth in 2004: Inflation Accelerates
by Louise Curley February 22, 2005

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.

GDP (Bil. 2000 Rubles) Q4 04 Q3 04 Q4 03 Q/Q % Y/Y
 %
 2004    2003 2002    2001   
Gross Domestic Product 2371.8 2307.2 2224.9 2.80 9.60 7.14 7.35 4.74 5.09
  Consumption 1541.5 1498.6 1402.9 2.86 9.88 9.20 6.24 7.02 6.83
    Household 1225.3 1184.3 1093.0 3.46 12.10 11.26 7.51 8.50 9.50  
    Government 295.6 294.2 289.2 0.48 5.21 2.35 2.47 2.60 -0.78
    Non Profit Institutions Serving Households 20.6 20.1 20.7 2.49 -0.48 -0.49 1.11 0.74 1.90
  Gross Capital Formation 448.3 435.2 414.9 2.99 8.05 10.83 12.94 2.78 10.25
  Inventory Change 91.9 36.3 76.6 55.6* 15.3* 73.9* 26.1* -79.5* 102.3*
  Net Exports 291.7 292.0 324.5 -0.3* -32.8* -125.9* 39.8* 10.4* -192.9*
    Exports 1237.0 1185.8 1080.0 3.90 14.07 13.14 12.47 10.26 4.22
    Imports 940.3 893.8 755.5 5.20 24.46 23.92 17.66 14.58 18.72
Deflator (2000=100) 194.6 180.33 161.03 7.9 20.86 18.64 13.67 15.47 19.49
close
large image