29 Jul 2010 15:04

Ministry to submit adjusted economic development forecast at end-Aug

MOSCOW. July 29 (Interfax) - The Economic Development Ministry will submit an adjusted economic development forecast to the government at the end of August, Economic Development Minister Elvira Nabiullina told the press on Thursday.

"An adjusted forecast should be submitted at the end of August that takes account of the results of the first half," Nabiullina said during a briefing on Thursday's government meeting. A number of adjusted figures will go into the forecast, including the ruble exchange rate, industrial output, and inflation, she said.

It is likely that the industrial output forecast will be improved, she said. "We will most likely be improving the industrial estimate. Our estimate was 3% growth, but the dynamic is already higher now," she said.

Inflation in Russia is also a little better than previously projected, Nabiullina said. "Our current inflation is lower than the forecasts we made earlier. This is a good situation. We're hoping it will consolidate," she said. There could be a few inflationary risks this fall, and they will be factored into the new macroeconomic forecast, she added.

Nabiullina did not provide any hard figures for the main macroeconomic indicators. "I will be able to say all the specific figures only at the end of August or beginning of September, after which we will submit the forecast," she said.