CENTRAL BANK FORECASTS 11% ECONOMIC GROWTH FOR NEXT YEAR

In accordance with the forecasts of the Central Bank (CB), the high pace of economic growth is expected in the year 2008 bringing 11% annual economic growth. The CB grounds this suggestion on the development of economic sectors in the course of this year as well as the expectations for the fourth quarter. This is announced in CB 2008 monetary policy program. In the course of 2008, 6-8% recovery of value added growth pace is expected. It is conditioned by the fact that the declining trends of diamond industry in 2007 will vanish. According to the program, industry volume will rise in other branches of industry with special high rates in chemical industry, metal industry, energy, food industry and construction material production. Considerable rise is expected in fertilizer and food industry. It is expected that in the course of 2008 the local production of fertilizers will completely meet the demand of the local agriculture.

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Headlines for December 18, 2007

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