Russia's imports soar
Russia's imports increase 35.8 percent in the first quarter of 2007 compared to the same period a year earlier, Russian Economy Minister German Gref told a government meeting today, RBC reports. He pointed out that imports advanced 4.5 times faster than Russia's GDP (7.9 percent). Meanwhile, exports have been advancing at a much slower rate in Q1 2007 (only 5.3 percent). Gref explained that Russia could no longer base its economy on raw materials exports. He pointed out that the government was actively creating market institutions in Russia. Therefore, the country had a great potential for economic development. Russian businesses have boosted their investments. This testifies to the fact that entrepreneurs believe in Russia's economic stability.