First Deputy Head of Sverdlovsk Region Government and Minister for Economics and Labor Galina Kovaleva presented her report on the region’s socio-economic development and prospective medium-term consolidated balance-sheet for 2008-2010 to Sverdlovsk Region Government.

The Ministry customarily came up with two developmental proposals; one of them presupposes a less favorable combination of the area’s internal and external strengths and weaknesses, the other one is targeted at innovation and progress. According to this scenario, Sverdlovsk Region’s gross regional product is expected to grow 7% to 8.2% in 2008 and 7.1% to 8.1% in 2010. Industrial production index will rise 6.5% to 7.8% in 2010; the volume of investments should go up 8% to 9.8%. The regional wage fund might come to 330 billion RUR, with average monthly salary amounting to 25,000 to 29,000 RUR. In addition, the proportion of people with less-than-subsistence wages is expected to decrease to only 9%.

The first developmental scenario provides for 528.6 billion RUR worth of revenues in 2010, the second one provides for 544.5 billion, with the lion’s share of expenses directed to social welfare programs.

Sverdlovsk Region Government approved of the preliminary drafts that are now to be considered by the Governor and the local legislature.