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  Monday, July 22, 2019
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Russia's GDP grew 4.1% and industrial output was up 2.7% in the first two months of 2006
Russia's GDP grew 4.1% and industrial output was up 2.7% in the first two months of 2006, the economic development and trade minister said Thursday. German Gref told a government session that the gap between growth in GDP and industrial output had been increasing in recent months. The gap was about 2.5 percentage points in 2005, against 1.1 in 2004. "Economic growth is slowing down in Russia," Gref said, adding that the trend was due to continued ruble appreciation, lower oil and gas output, and increased demand for imported goods. "Household incomes are growing faster, and consumers are opting for imports while demand for Russian goods is declining," Gref said. He said Russian producers were stretching their production capacities to the limit, which is also adding to economic slowdown. Gref was delivering a report on Russia's social and economic development for 2007-2009, prepared by his ministry and other government bodies, including the Central Bank. He said the report forecasts four scenarios, two to cover low and high oil prices, and two basic development prognoses based on the level of state intervention, and particularly on the effects of its social policies.
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