Russian economic growth forecast raised to 6.6%

August 9, 2006 - 0:0
MOSCOW (AFP) -- Russia's ministry of economic development and trade has raised its forecast for economic growth in 2006 to 6.6 percent from the previous estimate of 6.1 percent, a ministry spokeswoman said Monday.

The ministry's most recent official forecast was made in June. Government officials, including Economic Development and Trade Minister German Gref, have hinted in recent weeks that the forecast would be revised upward.

Gref told a news conference last month that gross domestic product (GDP) had grown by 6.3 percent in the first half of 2006 and was expected to quicken in the second half.

Russian economic growth is being driven by rising oil and natural gas exports amid record-high energy prices.

GDP grew by 6.5 percent in 2005, below the average annual growth rate of 6.8 percent since 2000.