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Russia and its neighbours Territory – 16,9 mln. km 2 Population - 147,5 mln. people Growth of Russian economy: key figures and facts in 2005 (as compared to 2004) GDP and industrial production growth: + 6,4 % and +4,1 % Investments in capital assets + 11 % Real disposable incomes of population +13 % Inflation rate 10,9 % In 2006 the GDP growth is expected to amount 5,8 % Privatization program: 1500 state-owned enterprises were sold last year Dynamics of household consumption (in constant prices) in Russia and other G8 countries 14 12 10 8 6 4 2 0 -2 2000 2001 2002 Russia United Kingdom Germany 2003 Italy Canada 2004 US France 2005 (JanuaryJune) Japan GDP growth in Russia and in other G8 countries, 2000-2005 10 8 6 4 2 0 -2 2000 2001 2002 Russia United Kingdom Germany 2003 Italy Canada 2004 US 2005 (JanuarySeptember) France Japan 2006 Federal budget • • • • • • • GDP in 2006 GDP growth Inflation rate Price of oil (per barrel) total revenue total expenditure proficit - US $ 800 bln. - 5,8% - 7- 8,5% - US $ 40. - US $ 168 bln. - US $ 142,3 bln. - 3,2% GDP 2006 Federal budget • • • growth of health care expenditure compared to 2005 - 64% growth of public education expenditure compared to 2005 - 30% Investment fund - US $ 2 bln. Goals of budgetary policy • ensuring macroeconomic stability • reducing taxes • promoting federal investment programs • strengthening the human capital Gold and foreign currency reserves of Russia, 1999-2005, US $ bln. 180 160 140 120 100 80 60 40 20 0 1999 2000 2001 2002 2003 2004 2005 Gold and foreign currency reserves of Russia: forecast for the years 2006-2008, US $ bln. 300 250 200 150 100 50 0 2006 2007 2008 Stabilization Fund of the Russian Government, 2004-2005, US $ bln. 70 60 50 40 30 20 10 0 January 2004 December 2004 December 2005 December 2007 Economic and legislative reforms in Russia Less regulatory burdens: administrative reform tax system modernization improvement of the banking regulation development of the innovation policy More legal protection and support for: forest and water resources state procurement fair competition innovation (new Law on Special Economic Zones)