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a slower pace. Rapid growth in money supply and higher federal expenditures in 2006 have been largely absorbed by higher-than-expected economic growth. Inflation has slowed considerably in the second half of the year. The planned 2007 budget foresees an expansion of federal expenditures of 0.9 percent of GDP, with priorities in additional expenditures going to the state apparatus, investment and social programs.

Real incomes of the population, wages, and retail trade have been growing in double digits, significantly outpacing GDP growth. Consistent with this picture, import growth soared to 29 percent for the first three quarters of the year.

Recent policy initiatives of the government include a planned package of measures aimed at promoting diversified growth and the innovation economy and new legislative initiatives on migration. A long awaited bilateral agreement with the United States could pave the way for Russia’s accession to the WTO in the near future.

Main Macroeconomic Indicators

20012002 2003 2004 2005 2006GDP growth, %5.1 4.7 7.3 7.2 6.4 6.5Industrial production growth, y-o-y, %4.9 3.7 7.0 8.3 4.04.3Fixed capital investment growth, %, y-o-y8.7 2.6 12.510.9 10.5 12.6Federal government balance, % GDP3.0 2.3 1.7 4.2 7.5 8.6Inflation (CPI), % change, y-o-y18.6 15.1 12.0 11.7 10.97.5Current Account, billion $35.1 32.8 35.9 60.1 86.679.9Reserves (including gold) billion $, end-o-p 36.6 47.8 76.9 124.5182.2 272.5

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