Economic growth in Russia will slow down over the next two years, the International Monetary Fund said on Wednesday, April 11, in its annual survey of the global economy.

The IMF said that Russia’s gross domestic product (GDP) would grow at a rate of 6.4 percent in 2007 and 5.9 percent in 2008, down from last year’s growth rate of 6.7 percent.

The Russian government initially projected this year’s GDP growth rate at 6.2 percent, but the economy’s strong performance in the first two months and higher industrial output expectations have made authorities raise their estimate to 6.5 percent.

IMF analysts also predicted a slowdown in Russian oil production as a result of modest investment.

Year-end consumer inflation dropped to 9 percent in 2006, but was still 0.5 percent above the official forecast, the IMF said.

According to the fund, last year saw an increase in primary surplus, thanks largely to high oil export revenues, but budget spending increased as well.

The IMF opens an annual spring session on Saturday, April 14. Russian Finance Minister Alexei Kudrin is expected to be among the attendees, RIA Novosti reported.

In a survey released last November, the IMF said Russia’s GDP would be growing by an estimated 6.5 percent annually in 2006-2007. It projected the rate of inflation at 9.3 percent in 2006 and 8 percent in 2007.

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