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Economic News from Russia Hardly a day goes by without positive news from the Russian economy and with President Putin now firmly established as a major Global politician, the trend is more than likely to continue. The Russian GDP increased by 7% in the first half of 2003 and investment actively increased by almost 11%. Among the positive factors in the Russian economy Prime Minister, Mikhail Kasyanov emphasised the increases in production growth rates in the manufacturing industry, above all in the production of machinery and construction material. Whilst caution is to be noted and International investment still shows some reluctance, the general state of the Russian economy is positive. The hotel industry in Russia has been able to record substantial increases and revenue from their Russian and CIS clientele and prices are again on the rise. The Services Sector has announced expansion with the services index standing at 59.6% in May, suggesting that the economy could grow faster that the anticipated 4.6%. Retailer sales continue to increase as five years of economic growth place extra wages in the pockets of the consumers with mobile phones, cosmetics, electronics and travel at the top of the tables. The increase of the disposable income now available to increasingly more Russians is changing the face of travel. Each year more Russians have the money to travel, this fuels the typical charter business which in turn leads to an increase in the lower end of the luxury travel segment. Luxury travel for Russians continue to grow unabated. Russians are also now looking more and more for International Investment with Real Estate heading the list. The introduction of Moscow's first International Property Show is a positive indication of this economic growth and will become an important sector. For details of the Moscow International Property Show www.InternationalProperty.ru  |
