Economic growth continues in Russia. This is indicated by the data of the State Committee of Statistics, which are given in the regular annual report.
In 2001, positive dynamics of basic indicators of the development was fortunately maintained. GDP increased by 5 %, industrial output by 4.9 %.
In individual industrial sectors, the indicators dynamics is as follows: machinebuilding and other processing industries 7.2 %, chemical & oil-chemical industry 6.5 %, fuel industry 6.1 %, non-ferrous metals industry 4.9 %. Metals production is growing: aluminum from imported raw materials 3.4 %, zinc 4.1 %, nickel 30.7 %. With a total decrease in the production tonnage in the iron & steel industry, an output of finished rolled products and steel tubes/pipes showed some increase: 9.9 and 8.5 %, respectively.
On the whole, after the August‘98 crisis GDP grew almost 29 %, and industrial output, over 30 %. Contrary to 1999-2000 when import substitution and favorable foreign economic situation were the main factors of economic development, the high dynamics of GDP and industrial production in 2001 was due to, above all, a stimulating action of the accumulated domestic demand potential.
In 2001 real incomes of the population were higher by 5.9 %, retail trade turnover, by 10.8 %. Rates of goods prices growth were slightly lower. Inflation in the consumers‘ market was 18.% as against 20.2 % in 2000.
Financial stability of the national economy was due to better tax collection. The government therewith pursued a balanced financial policy. According to the preliminary estimates of the Ministry of Finance, the federal budget revenues for 2001 accounted for 17.7 % of GDP.
In 2000-2001 the federal budget was implemented with a stable positive gap while in the preceding years of the reforms the Russian budget used to be with a persistent deficit.
The gold & exchange reserves of the Central Bank of Russia exceeded US$36 billion. The foreign national debt was serviced according to the schedule, without new borrowings.
Capital spending to fixed assets due to all sources of finance increased by 8.7 %. However, these funds were still insufficient for a large-scale updating of the active part of main production facilities. According to the study, investment activity was recorded at 85 % of enterprises. Here the basic source of finance was internal funds.
In 2001 the export balance of the Russian foreign trade was US$50 billion as compared to US$60.7 billion in 2000.
The Russian foreign trade turnover increased by 3.5 % to US$155.8 billion, with the build-up achieved due to import growth. Exports of Russian goods fell 2.6 % to US$102.9 billion. Export sales structure changed owing to a considerable (7.6 %) increase in supplies to CIS countries whose amount was US$15.3 billion. Imports of goods climbed 17.8 % to US$52.9 billion as against US$44.9 in 2000.