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. Last Updated: 07/27/2016

Ministry: GDP Rose 4% in First 10 Months

The economy expanded 4 percent in the first 10 months of 2002 compared to the same period last year, the Economic Development and Trade Ministry said Tuesday, citing preliminary figures.

Gross domestic product in October rose 4.3 percent compared to October 2001, the ministry said.

The economy grew by 5.5 percent year on year from January to October and by 6.3 percent on the month of October 2001, according to data from the ministry.

At the start of the year, Russia expected economic growth to slow to 3.6 percent in 2002 after a 5 percent rise in 2001. But after strong industrial growth in July, the ministry upgraded its estimate for GDP growth to 3.9 percent in August and 4 percent last month.

Deputy Economy Development and Trade Minister Ivan Materov told reporters the ministry would stick to its 4 percent GDP growth estimate for the year, adding it could be a "few percentage points higher."

He reiterated the ministry's 2002 inflation estimate of 14 percent, but admitted industrial sector growth would undershoot its expectations. The ministry had downgraded its 2002 industrial output growth estimate by 0.1 percentage points to 4.2 percent, he said.

Russia's industrial output rose by 4.9 percent in 2001 year on year, Materov said.