Russia's gross domestic product in 2006 will exceed the level it was at when the Soviet Union collapsed for the first time

Saturday, May 28, 2022

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Russia's gross domestic product in 2006 will exceed the level it was at when the Soviet Union collapsed for the first time, the economics minister said Wednesday. "In 2006, the Russian economy will for the first time exceed the 1991 indicators in terms of GDP," German Gref said at a government meeting. He said that the "quality of the economy and its institutions have an entirely different format at present ... We are starting to build a type of economy that we have never had before." Long-term increases in consumer income are indicative of Russia's stable development, Gref said, adding that the country's development was still hampered by flaws inherited from previous decades. The Economic Development and Trade Ministry said June 6 in its forecast of the country's social and economic development for 2006-2009 that GDP would grow 6.1% in 2006, 5.7% in 2007, 5.6% in 2008 and 5.7% in 2009.

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