"The results of the first quarter demonstrate that despite an economic slowdown in some countries, the growth of the Russian economy is stable enough, as GDP grew 7.8% in March and 8% in the first quarter, year-on-year," Elvira Nabiullina said during a Cabinet meeting with the president.
The minister said the economic growth is as a result of thriving investment activity and consumer demand.
"Investment in fixed assets increased 20.2% in the first three months of the year," she said, compared to last year's annual figure of 21.2%.
"Consumer demand growth remains at last year's rates despite tighter credit terms and a slow down in consumer lending," the minister said.
Retail trade turnover continued to grow reaching 16.7% in the first three months, Nabiullina added.
"This also supports national production although imports have a big role in the growth in consumer demand," she said.
The minister earlier said GDP growth in Russia reached 8.2% in February 2008, and 7.8% in January-February, year-on-year.