Russian Economics ministry to revise upward GDP forecast German Economic Development and Trade Minister
(RIA Novosti) - Russia's economics ministry said Monday it would revise upwards its forecast on GDP growth in 2006.
Economic Development and Trade Minister German Gref said his ministry would submit Monday an adjusted macroeconomic forecast for 2006 to the Finance Ministry for approval, following which the prognosis plan would be transferred to the government for discussion, reports Trend.
"The GDP growth forecast will be revised upwards," Gref said. The economics minister did not specify but said the figure could be raised to 6.5%.
In the spring of 2006, the economics ministry raised its GDP growth forecast from 6.0% to 6.1%.
Russia's GDP expanded 6.5% in the first six months of the year and 6.9% in June, the economics ministry said in its monitoring report last week.
Gref also said the state should keep control of funds spent on the construction of infrastructure facilities financed from the government investment fund.
Russia's investment fund was established in 2005 to develop infrastructure projects with public and private financing.
Gref said ministries and departments, rather than infrastructure monopolies, should act as the customers of these projects to prevent money embezzlement. He said electric power lines, pipelines and other facilities should be transferred after construction to infrastructure monopolies for operation or ownership.