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  Wednesday, October 23, 2019
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Russia's gross domestic product grew 7.7% year on year in January-August
Russia's gross domestic product grew 7.7% year on year in January-August 2008, the economics minister said.

Speaking at the 7th international investment forum in the Russian Black Sea resort of Sochi on Saturday, Elvira Nabiullina said the economics ministry intended to stick to its 7.8% GDP growth forecast for 2008.

Despite some slowdown in investment growth, the growth rates remain relative high to fuel economic development, the minister said.

The Russian market suffered a setback earlier this week as the Federal Financial Markets Service halted trading on the RTS and MICEX stock exchanges on Wednesday after share prices plummeted to their lowest levels in nearly three years amid worsening global financial troubles.

The Russian stock market rebounded on Friday after the government took urgent measures to pump billions of dollars into it to shore up liquidity.

Nabiullina also said that 114 contracts and memorandums worth a total of 14.42 billion euros ($21 billion) were signed at the Sochi investment forum, including a third of this sum coming from foreign investors.

In particular, Russia's space agency and French satellite launch firm Arianespace signed a contract to launch 10 Russian Soyuz-ST carrier rockets from the Kourou space center in French Guiana.

The contract was signed by Russian Federal Space Agency head Anatoly Perminov and Arianespace Chairman and CEO Jean-Yves Le Gall.

"The contract envisions the purchase of ten Soyuz carrier rockets to be launched from the space center in Guiana... The contract is estimated at a total of $300-$400 million," Le Gall said adding that the first launch is scheduled for late 2009.


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