Rus News Journal

G.Gref does not intend to reduce sharply rates of inflation

gross national product of the Russian Federation in 2002 will grow on 3,9 %. With such the statement the Minister of economic development and trade of the Russian Federation (MERT) Herman Gref has acted today, acting at an economic forum Kuban - 2002 in Sochi.
thus head MERT has noticed that following the results of 8 months of current year the Russian gross national product has grown on 4 %, in comparison with the similar period of 2001, and industrial output - on 3,8 %. G.Gref has informed that advancing rates nonferrous metallurgy, food branch, fuel industry, manufacture of building materials grew. The government plans industrial production growth for the end of the year at level of 4,4 %.
G.Gref has underlined that during the current year was observed sharp recession of investment activity especially in the beginning of year. He has noticed that growth of investments into fixed capital at level of 6,5 % was originally predicted, but for I half-year this growth has made 2,5 %, and following the results of 8 months - above 4 %. Following the results of a year growth of investments at level of 4,5 % is planned. Growth of real monetary incomes of the population, according to G.Gref, for 8 months of this year has made 7,8 %.
At the same time the minister has noticed that before the government the problem of sharp decrease in rates of inflation the next years is not necessary. The cabinet, as he said, plans stage-by-stage decrease in a rate of inflation to 10 - 12 % in 2003 and 8 - 10 % - in 2004. G.Gref has underlined that sharp decrease in rates of inflation conducts to to negative consequences from the point of view szhimanija monetary weight . Thus the minister has noticed that the big problem sharp decrease in inflation for the government does not make, but it is not necessary for Russia in long-term prospect. G.Gref has explained that The economy does not love artificial influences as this intervention conducts to crises . Head MERT has declared also that today it is possible with confidence to say that following the results of 2002 inflation will not exceed 14 % . Thus he has noticed that for January - August of current year growth of consumer prices has made 9,9 %, and for first half of September of the price have not changed.
references on a theme:
  • the Government of the Russian Federation has confirmed budget parametres - 2003, 20. 06. 02
  • G.Gref has given a definite answer to A.Illarionov about growth prospects, 21. 05. 02