The year 2003 proved to be one of the most successful in Russia's 12 years of economic reforms, from an economic standpoint, said Russian Prime Minister Mikhail Kasianov.
This is evidenced by economic indicators. It was predicted that by the end of 2003, GDP growth would reach 6,8%, with industrial production growing at a similar rate, and inflation falling to 12%. To date, the highest GDP growth recorded by the Russian economy, 9% annually, occurred in 2000. The Ministry of Economic Development and Trade announced that Russia is outpacing most countries in the world in economic growth this year. One of the most important drivers of this growth was domestic demand, as real incomes increased by 14%.
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