MOSCOW, October 24 (RIA Novosti) - Russia's annual gross domestic product (GDP) is expected to top $1.2 trillion against $985 billion last year, the economics minister said on Wednesday.
Elvira Nabiullina told the U.S.-Russian business council that Russia's GDP had been steadily growing year by year. "In 2000, it was $260 billion, and hit $985 billion in 2006," she said. "This year we plan to pass the $1.2 trillion mark."
The minister also said Russia's economic growth was 7.4% in January-September, and the annual GDP growth rate was expected to be 7.3%. "We hope to maintain this rapid pace in the coming years," she said.
Nabiullina said the government remained committed to cutting inflation, which would exceed the previous year's levels for the first time this year due to the substantial money supply and growing consumer prices. "But I don't see any catastrophe or a long-term trend here," she said.
The Central Bank and the Finance Ministry have said inflation in Russia would be 9.5-10% this year. The authorities have been trying to curb growing food prices caused by global market trends through reducing import duties and seeking an agreement on price freezes with businesses.
But Nabiullina said there was no reason yet to revise inflation forecasts for 2008, which currently total 7%.
