MOSCOW, August 16 (RIA Novosti commentator Peter Lavelle). According to Minister of Economic Development and Trade German Gref, industrial production was up 4.1% year-on-year in July 2005, suggesting growth momentum is picking up.
Gref's figure implies year-on-year growth for July of 4.8%-4.9%, which is lower than the 6.9% level recorded in June. Gref did not comment on July's year-on-year growth, but he did say July industrial production had risen 0.8% on June.
Despite July industrial production coming in lower than in June, there is no reason for concern, as year-on-year growth in both June and July were higher than the disappointing rates from January to May.
