Analysis

Economy

Main factors of the economic development of Russia, 1998-2005   1998 1999 2000 2001 2002 2003 2004 Macro Economy Features GDP, bln. RU. 2741,1 4766,8 7305,6 9039,4 10863,4 13201,1 16778,8 GDP growth in real expression, % -4,9 5,4 9,0 5,0 4,3 7,3 7,1 Industrial production, bln. RU. 1658,4 2995,0 4762,5 5881,0 6867,8 8498,0 11209,1 Growth of industrial production, % -5,2 11,0 12,0 4,9 3,7 7,0 6,1 External debt of Russia at the end of period, $ 166,4 155,0 143,4 130,1 122,1 119,7 112,9 External debt/GDP, % 125,36 87,79 55,3 43,38 36,13 26,5   Inflation, % 84,4 36,5 20,2 18,6 15,1 12,0 11,7 Balance of Payments Export, $bln. 74,44 75,55 105,03 101,88 107,30 135,93 183,19 Import, $bln. 58,01 39,54 44,86 53,76 60,97 75,44 94,83 Trade balance, $bln. 16,43 36,01 60,17 48,12 46,33 60,49 88,35 Account of current operations, $bln. 0,22 24,62 46,84 33,94 29,52 35,85 н.д. Direct foreign investments, $bln. 2,76 3,31 2,71 2,75 3,46 6,73 н.д. Execution of the Federal Budget Revenues, $bln. RU. 302,4 611,7 1131,8 1594,0 2204,7 2588,3 3422,3 Expenses, bln. RU. 388,9 664,7 1019,1 1321,9 2054,3 2371,5 2735,7 Budget surplus/GDP, % -3,2 -1,1 1,5 3,0 1,4 1,6 4,1 Monetary Factors M2 factor at the end of the period, bln. RU. 453,7 714,6 1154,4 1612,6 2134,5 3212,7 4363,3 Gold and currency reserves at the end of the period, $bln. 12,22 12,46 27,97 36,62 47,79 76,94 124,54 Social and Economic Factors Unemployment level, % 11,9 12,4 9,7 9,0 8,5 8,6 8,1 Nominal average wages, RU. 1051 1523 2223 3240 4360 5499 6828   Brent, average for the period, $/bbl 13,1 17,8 28,5 24,4 25,03 28,48 38,04 RUR/USD, average for the period 9,79 24,55 28,13 29,18 31,35 30,67 28,81 RUR/USD, end of the period 20,65 27,0 28,16 30,14 31,78 29,45 27,75