Russia » Economics
Author`s name Ольга Савка

Russia ranks first on GDP growth among developed countries

The report from the Federal Statistics Report said Russia has been taking the first place for four years

Russia tops the list of developed countries on the growth of the GDP real volume in the first quarter of the current year and on the growth of the industrial production in the first half year.

The GDP growth made up 7.4 percent in the first quarter of 2004 vs. the same period of 2003. Russia's Federal Statistics Service prepared the report based on the publication of the International Currency Fund. According to the report, the Japanese GPD gained 5.6 percent in the first quarter of the current year. The GDP increased by 4.8% in the USA, by 3.4% in Great Britain's, by 1.7% in France, by 1.6% in Canada, by 1.5% in Germany, by 0.5% in Japan.

Russia, however, remains behind the seven developed countries of the world on the gross accumulation of fixed capital. The gross accumulation of fixed capital in the Russian Federation in the first quarter of 2004 made up 13.6 percent against. the GDP. The index reached 28.4% in Japan, 21.1% in Canada, 20.5% in Italy, 20% in France, 17.6% in Germany, 17.1% in Great Britain, 16.4% in the USA.

The report from the Federal Statistics Report said the Russian Federation has been taking the leading position on the GDP growth among developed countries for four years. The index made up ten percent in 2000, 5.1% in 2001, 4.7% in 2002 and 7.3% in 2003.

The level of industrial production in the Russian Federation gained 7.4% in the first half year of 2004 against the first half year of 2003. This is also the highest index among developed countries with Japan and the USA following (the industrial production raised by 6.7% and 4.2% there respectively). The list continues with Germany – 2.2%, France – 1.7%, Great Britain – 1.2%, Italy – 0.6%. There is no information about Canada over the first half year. The industrial production volume gained 2.4% in Canada over January-May.

The inflation rate turned out to be the highest in Russia in June of 2004 vs. May 2003 in comparison with developed countries. The inflation rate in June made up 0.8% in Russia against May of 2004 and 10.1% against June of 2003. The highest inflation rate among the seven developed countries in June of 2004 vs. May was registered in the US – 0.3% (3.1% vs. June 2003). The inflation rate in Italy was fixed on the level of 0.2% (2.4%), in Canada – 0.1% (2.5%), in France - 0% (2.5%), in Germany - 0% (1.7%). Deflation was formed in June of the current year in Great Britain (as opposed to May) – 0.1%. Inflation was registered in Great Britain on the level of 1.5% as opposed to June of 2003. The information about Japan was not published.

Germany topped the list of developed countries on the unemployment level – 11.5% in May. France followed with 9.8%, Canada and Russia with 7.2%, the USA – 5.6%, Great Britain – 4.8% and Japan – 4.6%. The level of unemployment in Russia made up 10% in 2000. The index reached 9.9% in 2001, 8% in 2002 and 8.3% in 2003.