Russia GDP and Inflation 2007

Russia's economy expanded last year at the fastest pace since 2000 as a record flow of money into the country spurred capital investment and a consumer boom. Growth, at an annual 8.1 percent, beat government forecasts and compared with a revised 7.4 percent rate in 2006, according to the Moscow- based Federal Statistics Service today.




The pace is faster than the government and economists expected, with Finance Minister Alexei Kudrin yesterday saying 2007 growth reached 7.8 percent. The world's biggest exporter of crude oil and natural gas has entered its 10th consecutive year of growth, boosted by rising incomes and consumer spending. Net capital inflow almost doubled in 2007 to $82.3 billion.

At the same time end of year inflation was running at 11.9% in Decemeber 2007.