Russia's Economy Ministry raised its gross domestic growth (GDP) growth forecast for 2007-2010, Russian agencies quotes Deputy Minister Andrei Belousov as saying on Tuesday.
Belousov was quoted as saying the ministry now sees GDP growth at 7.4 percent in 2007, at 6.6 percent in 2008, at 6.3 percent at 2009 and at 6.4 percent at 2010, mainly due to higher oil price but also due to accelerated industrial growth.
"We have adjusted our oil price forecast and now see it at $60 per barrel at the end of 2010," Belousov was quoted as saying. He added that the ministry has completed a sweeping analysis of Russia's industry and agriculture and saw growth potential in chemical and machine-building sectors as well as in the agricultural complex.
"This analysis enabled us to raise the GDP growth forecast," Belousov was quoted as saying. The Economy Ministry's forecasts serve as a basis for the three-year budget, passed by the parliament last year. Belousov estimated December inflation at 1.0-1.5 percent and said that full-year inflation may well reach the upper end of the 11.0-11.5 percent official forecast.
"I hope that full-year inflation will not reach 12 percent but 11.5 percent is quite possible," Belousov was quoted as saying. Belousov said the revised 2008-2010 outlook was submitted to the cabinet for review.
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