Analysis of the economic situation does not yet allow us to definitely state that appreciation in the real effective ruble rate has negatively affected GDP growth to date. However, it should be noted that growth in industries producing tradable goods is slower than in sectors producing non-tradables.
In 2006, industrial output grew 3.9%, while retail trade went up to 13.9%, and construction volume increased by 15.7%. An important and quite unexpected factor for us, which influenced the macroeconomic situation over the past 18 months, has been the large inflow of foreign private capital. Previously, up to and including 2004, we saw a net outflow of private capital.