MOSCOW, October 20 (RIA Novosti) - Russia's GDP will grow 6.7-6.8% in 2006, a senior Central Bank official said Friday.
"I think GDP will grow 6.7-6.8%," First Deputy Chairman Alexei Ulyukayev told an economic conference in Moscow.
The Russian government and the economics ministry have forecast this year's GDP growth at 6.6%.
According to World Bank data, Russia's nominal GDP in 2005 was $763.72 billion.
President Vladimir Putin set the ambitious goal of doubling Russia's GDP from the 2002 level by 2012, implying economic growth of approximately by 7% annually, in his annual state-of-the-union address in 2003.
But Finance Minister Alexei Kudrin said that since the latest State Duma elections in December 2003, the country's GDP has been growing at an average rate of 6.5%, slightly lower than the 7% needed to accomplish the objective set by the president.
Ulyukayev praised recent changes in the structure of Russia's GDP, saying that net exports account for 2% of GDP, while investment and consumer demand accounted for about 5%, with investment demand growing faster than consumer demand.
Russia's economics minister earlier voiced his concern over country's declining exports, saying this could reduce the annual GDP growth rate by up to 2 percentage points.
"The actual volume of exports has already started to fall," German Gref said. "Whereas in 2004-05, exports were growing at 10-12%, in the medium-term we will have under 5.5%."
He said imports were growing faster than domestic production, adding that in the consumer sector, import growth was 200% higher, while in the high-tech sector it was 600% to 700% higher.
Russian Industry and Energy Minister Viktor Khristenko said Friday industrial production grew 4.2%, year on year, in January-September and is expected to grow 4.7% by the end of 2006.
Vladimir Putin in his annual state-of-the-union address in 2003 had also set the goal of bringing inflation down to 3%. Last year's inflation figure was 10.9%.
Ulyukayev said inflation had aggregated 7.3% in 2006 so far, down 1.5 percentage points year on year. Central Bank Chairman Sergei Ignatyev said Wednesday inflation is expected at 9% by the end of 2006. An earlier Central Bank forecast put the year-end inflation rate at 8.5%.
The government adjusted its 2006 inflation target earlier this year from 8.5% to 9%.
