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Russian gov't to lift up economic forecast: official

07-28-2010 08:47 BJT

MOSCOW, July 27 (Xinhua) -- The Russian Economic Development Ministry would raise its forecast for industrial output growth and gross domestic product (GDP) this year, said Deputy Economic Development Minister Andrei Klepach on Tuesday.

"We will be reconsidering upwards the forecast for both industrial output and GDP," Klepach said, adding that the industrial output forecast would change "significantly", but the GDP forecast would not.

The official meanwhile said Russia's GDP has grown 5.4 percent in the second quarter of 2010 compared with the same period last year. But on a seasonally adjusted basis, the GDP growth in second quarter was 1.1 percent compared with that of the first quarter.

Russia's trade surplus totaled 10.8 billion U.S. dollars in June, up from 9.1 billion dollars in the same month last year, Klepach said.

Exports in June totaled 30.7 billion dollars compared with last June's 24.5 billion dollars, he said, adding that imports amounted to 19.9 billion dollars.

Klepach also said the drought would not affect inflation rate in the country, and the ministry adheres to its earlier estimation of 0.4 percent inflation in July.

The deputy minister did not rule out deflation in August due to seasonal drop of vegetables prices, the Interfax news agency reported.

Editor:Xiong Qu |Source: Xinhua

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