Global| Feb 03 2004Russian Economy Grows Over 7% in 2003. Inflation Still High at Close to 15%
Summary
The Russian economy grew in real terms by 7.3% in 2003 according to the first estimate for 2003 released by the State Committee of the Russian Federation. Since the upheavals of 1996 and 1998 economic growth has proceeded at a good [...]
The Russian economy grew in real terms by 7.3% in 2003 according to the first estimate for 2003 released by the State Committee of the Russian Federation. Since the upheavals of 1996 and 1998 economic growth has proceeded at a good and relatively steady pace. Consumption, which currently accounts for 63% of the economy has averaged annual increases of between 5 and 7% since 2000. Gross fixed capital spending increased 12.9% in 2003 after a 3.0% rise in 2002. Exports rose 11.7% in 2003 and imports were up 16.6%.
Although well below the rates reached in the late nineties and in 2000, inflation, as measured by the GDP deflator, remains high. Only modest reductions have occurred in the past two year as the rate declined to 14.4% in 2003 from 16.5% in 2001.
| Percent Change in Russian GDP | 2003 | 2002 | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|
| GDP in 2000 Prices | 7.3 | 4.7 | 5.1 | 10.0 | 6.4 |
| Consumption | 6.1 | 7.3 | 7.3 | 5.6 | -1.2 |
| Gross Fixed Capital Formation | 12.9 | 3.0 | 10.2 | 18.1 | 6.4 |
| Exports | 11.7 | 9.9 | 4.2 | 9.5 | 11.2 |
| Imports | 16.6 | 14.5 | 19.8 | 32.4 | -17.0 |
| GDP in Current Prices | 22.8 | 21.1 | 22.4 | 51.7 | 83.4 |
| Deflator 2000=100 | 14.4 | 15.7 | 16.5 | 37.1 | 72.71 |
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