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    Russian economics ministry to raise oil price, GDP growth forecasts

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    A Russian economics ministry official said Wednesday the ministry would raise its 2007 oil price forecast to $64 per barrel and GDP growth to 7.3-7.4%.

    MOSCOW, September 5 (RIA Novosti) - A Russian economics ministry official said Wednesday the ministry would raise its 2007 oil price forecast to $64 per barrel and GDP growth to 7.3-7.4%.

    "We are adjusting the oil price forecast, from the previous $55 per barrel to $64," said Andrei Klepach, director of the ministry's macroeconomic forecasts department.

    Although the official forecast for GDP growth in 2007 is 6.5%, the Russian economics ministry has already said it will exceed it.

    Klepach said investment in the fixed assets would have grown 17-18% by the end of the year, but that no revision was expected as to the ruble's appreciation forecast.

    The ministry is planning to submit its adjusted macroeconomic forecast to ministries and departments by September 20, and to the Cabinet by December 1, the official said.

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