The World Bank: RUSSIAN ECONOMIC REPORT - AUGUST 2003

With an estimated 7.2 percent growth in the first half of 2003, Russia’s economic performance once again exceeded even the most optimistic expectations. High growth was accompanied by impressive advances in household incomes, industrial production and investment. Yet, this performance once again followed an equally impressive increase in the price of hydrocarbons, Russia’s main export commodity. In the wake of the political events surrounding Iraq, the average price of Russian oil for the first half of the year increased from 18.5 US Dollar per barrel to 23.7, or by 28 percent compared to the same period last year. This raises the question of how much of Russia’s progress is the result of this increase in the prices of oil and gas and, whether this rapidly growing economy is becoming less dependent on oil?

• RUSSIAN ECONOMIC REPORT - AUGUST 2003

Recommend the page	Post your comment	Send a letter to editor
Print the page		Date of issue: 14.10.2003