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WATCH THE KING OF THE NORTH
Russia's economic might: spooky or soothing?
By Jorn Madslien
Business reporter, BBC News
Similarly, President Vladimir Putin's confident swagger on the international stage is
that of a man who has delivered what his people want: stability, prosperity and na-
tional pride.
Regional growth
In just four years, Russia's GDP has almost
trebled, from $345bn in 2002 to $984bn in
2006, in dollar terms (partly due to econom-
ic growth, but also because the value of the
rouble has soared). The economy is now
growing at almost 7% per year - up from less
than 5% four years ago.
Exports have trebled - largely thanks to metals, oil and gas - to about $300bn, by far
outpacing import growth. This has enabled Russia to pump up its foreign cash re-
serves.
Oil Industry
In 2002, the reserves stood
at $44bn. By 2006, they
had ballooned to more
than $295bn.
Russia's Stabilization Fund
totaled 3.697 trillion rubles
($150.8 billion) as of De-
cember 15, 2007, the Fi-
nance Ministry said Mon-
day.
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