Investment in Russia exceeds forecast by 20% in 2007

Investment in the Russian economy has exceeded forecasts by 20% this year, Economic Development and Trade Minister Elvira Nabiullina told the Vesti TV channel on Wednesday.

MOSCOW, December 26 (RIA Novosti) - Investment in the Russian economy has exceeded forecasts by 20% this year, Economic Development and Trade Minister Elvira Nabiullina told the Vesti TV channel on Wednesday.

"Investment in the Russian economy has exceeded forecasts by 20% in 2007," the channel quoted Nabiullina as saying.

The official said inflation in Russia should be kept within 7.5%-8.5% in 2008, also boasting that "inflation growth was halved in December."

The government's initial inflation target for the year was 8%.

Commenting on the country's GDP growth, which was forecast at 7.3% for 2007 against last year's 6.6%, the minister said it would be 1.5% higher.

The economics ministry reviewed its GDP growth forecast up to 7.6% earlier this month.

Nabiullina also said that it would be necessary to develop an effective system to support exports and announced that her department was currently drafting a plan for Russian economic development up to 2020.

"We will be developing corporate laws in 2008," Nabiullina said.