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Russian GDP boasts highest growth among G8 peers
February 22, 2013, 4:25 pm

[Getty images]

The IMF has upgraded its outlook on Russia’s GDP growth this year [Getty images]

Russia’s gross domestic product (GDP) rose 3.4 per cent in 2012 – the highest among G8 nations.

However, the country also recorded the highest inflation rate of G8 members at 6.6 per cent.

The International Monetary Fund (IMF) has upgraded its outlook on Russia’s 2013 GDP growth from 3.7 to 3.75 per cent as the country’s economy has overcome the 2008-09 crisis and remains stable, Odd Per Brekk , an IMF representative in Russia said on Wednesday.

US GDP shrank by 2.2 per cent last year, and Japan’s GDP went down by 1.9 per cent.

Germany saw its GDP decrease by 0.7 per cent, Italy and France – by 2.3 and 0.1 per cent respectively.

UK GDP remained at the same level.

During the same period, UK inflation amounted to 2.7 per cent, in Italy – 2.6 per cent, in France – 1.5 per cent, in the US – 1.7 per cent and in Germany – 2 per cent.

Canada saw GDP rise by only 0.8 per cent and Japan – 0.1 per cent.

Among the BRICS economies, India has the highest inflation of 11.2 per cent.

Per Brekk added that Russia’s potential growth could be over 6 per cent a year if the country’s government toughens its budgetary policy and makes more efforts to combat inflation and raw-materials dependency of Russia’s economy.

Daria Chernyshova

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