MOSCOW, August 4 (RIA Novosti)-Russian Prime Minister Mikhail Fradkov said Thursday that the results of the country's socio-political development in the first six months of 2005 were "on the whole satisfactory."
When opening a government session, Fradkov said that the main negative trends that had been seen at the start of the year had been overcome by summer. In particular, he said that gross domestic growth rates had stood at 6% in the second quarter, but reached 6.7% in June. Industrial production grew by 6.9% in the same month.
The premier also pointed to "a certain slowdown in the inflation rate." At 0.6%, the figure for June 2005 was 0.2% lower that the figure a year earlier.
"I would like to believe that the indices we had in June will be confirmed in the coming months," Fradkov said.
However, he said that the results could be far better. "Much more needs to be done to hit the trajectory allowing [us] to double GDP," the premier said.
In his 2003 state of the nation address to Russia's parliament, President Vladimir Putin set the objective of doubling GDP by 2012. He said 2002 was the starting point for the effort. The president said that the goal could be accomplished by 2010 given the then current growth rates. GDP must grow by an annual average of 7.2% if it is to be doubled by 2012 and 9% by 2010.