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Modernization and productivity growth outside the oil and gas sector have also been important contributing factors to the recent expansion.
Russian economic growth in 2005 has been influenced by three primary factors: a continuing rapid expansion of domestic incomes and demand, improvements in the expectations of investors, and growing competitive pressures from the real appreciation of the ruble.
Australia is a relatively small economy, with a population of only 20 million people, and a national output that is ranked only just within the world's top twenty. While Australia's national output is well ahead of neighbours such as New Zealand and Indonesia, it is well behind the outputs of Japan, China, the United States and many European nations...
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