US Trade Representative Susan Schwab (L) and Russian Trade and Economic Development Minister German Gref (R) shake hands after signing a bilateral agreement that paves the way for Moscow to join the World Trade Organization (WTO)

Russia’s Economy Ministry increased its forecast for 2006 economic growth to 6.8 percent, faster than its initial forecast for 6.6 percent, citing rapid expansions in consumer and investment spending, according to Bloomberg reports. The ministry also reiterated its forecast for gross domestic product growth to slow to 6 percent next year, in a report posted today on the Moscow-based Economy Ministry’s Web site.

Russia’s $770 billion economy is heading for an eighth year of growth, the longest period of economic expansion since the fall of the Soviet Union.

Russian crude oil exports probably will total 263 million tons, about 1 million tons fewer than initially expected, the ministry said. That would be equivalent to about 5.26 million barrels a day of crude.

Natural gas production can be expected to grow to 668 billion cubic meters next year and exports will be about 202.2 billion cubic meters, higher than the 193 billion previously forecast, the ministry said.

Economy Minister German Gref last month said GDP probably would expand 6.9 percent this year.

Popularity: 1% [?]