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Russia has become the world¡¯s 10th largest economy in terms of gross domestic production in 2006, up four notches from 14th in 2005. British business researcher Economist Intelligence Unit estimated Russia¡¯s GDP at US$986.6 billion Tuesday, up $223.3 billion from 2005, outperforming Brazil, Korea and India.
Russian First Deputy Prime Minister Dmitry Medvedev said Saturday that the nation¡¯s GDP topped $1 trillion and it will become the world¡¯s 6th largest economy, overtaking Italy, France and Britain in two years.
Russia¡¯s rapid economic growth is driven by brisk exports of oil and natural gas. Pundits expect Russia to become the world¡¯s largest oil exporter in 2007, beating Saudi Arabia.
The Bank of Russia said Jan. 17 that the nation¡¯s foreign-exchange reserves reached $303.9 billion for the first time, making it the world¡¯s third largest foreign reserve owner. China and Japan hold the largest and second largest foreign reserves in the world. Taiwan and Korea are the world¡¯s fourth and fifth foreign reserve possessors, but trail far behind Russia. Russia attracted the largest-ever foreign investment of $4.16 billion last year, up 278 percent from the previous year.
(englishnews@chosun.com )
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