Russia upgrades GDP forecast

Russia is so confident in its economic fundamentals that the country’s GDP forecast for 2007 has been upgraded to 7.8%.

On Monday, Economic Development Minister, Elvira Nabiullina, highlighted investment growth in December, which was up 24% on the previous year, and also noted the strong outlook for consumer demand.

Nabiullina reported industrial production rose 6.5% at the end of last year, while construction grew by 20%.

“These figures allow us to say that the fundamentals of Russia’s economy are strong enough to support growth and they let us hope that the Russian markets will be able to resist the global financial turmoil,” supposed Nabiullina.