Russia Raises 2002 GDP Forecast to 10.6 Trillion RublesRussian Prime Minister Mikhail Kasyanov announced Friday to increase the 2002 forecast for gross domestic production (GDP) to 10.60 trillion rubles (US$362 billion), compared with the original figure of 10.27 trillion rubles (US$351 billion).The next year's budget revenue will also be raised from the original 16 percent to 16.4 percent of the GDP, he said. Kasyanov said the Finance Ministry and the Economic Development and Trade Ministry are now working on the 2002 budget indexes in light of the economic situation of the first half of 2001. These indexes are now being revised upwards, he said, and the two ministries will shortly submit relevant documents to the cabinet. Kasyanov did not provide explanations for the change, but analysts said it was likely due to a favorable economic situation and relatively high oil prices. The prime minister meanwhile predicted a stable exchange rate for Russia's ruble. He urged the Central Bank and the Finance Ministry to "carry out daily coordination and watch the macroeconomic situation" in the country to back the ruble. |
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