The macroeconomic situation in
February 2004 was characterised by rapid growth in the
production of goods and services, household real money
income and fixed capital investment and the continued
reduction of the inflation rate.
A favorable foreign trade
situation for Russia facilitated the development of
export-oriented industries. The expansion of consumer
and investment demand stimulated growth in industries
oriented to the domestic market. The output index for
the key branches of the economy registered 108.3% in
January-February 2004 compared to January-February 2003.
Consumer prices in March 2004
rose 3.5% compared to December 2003 against 5.2% in the
same period last year.
The ruble continued to rally on
the domestic foreign exchange market in February. It
gained 1.4% month on month in nominal terms and 1.9% in
real terms. Compared to December 2003, the ruble rose
3.2% against the dollar in February 2004 in nominal
terms and 5.0% in real terms.
The real effective
rate of the ruble against the currencies of Russia’s
leading trading partners gained 1.8% in February month
on month and 2.8% compared to December 2003.