Since the previous OECD Economic Survey of 1999-2000, the Russian economy has experienced a number of favourable trends and developments. Output, employment, consumption, and investment have grown significantly. In the two-year period of 2000-01, Russian GDP and fixed capital investment grew by close to 15 and 25 per cent, respectively. Unemployment fell from 13 per cent at the end of 1999 to an estimated 8 per cent in mid-2001. Real incomes have recovered more slowly from the 1998 crisis than output and employment, but began to increase significantly in 2000 and 2001. The recent growth has reversed years of economic decline, bringing GDP in 2001 almost back to the recorded level of 1993.