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Russia's 7.9% GDP decline in 2009 less profound than expected

© RIA Novosti . collage Russia's 7.9% GDP decline in 2009 less profound than expected
 Russia's 7.9% GDP decline in 2009 less profound than expected  - Sputnik International
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Russia's gross domestic product declined 7.9% in 2009 compared with the projected figure of 8.5%, improving the Russian economy's chances to exit the recession, the country's top statistics body said on Monday.

Russia's gross domestic product declined 7.9% in 2009 compared with the projected figure of 8.5%, improving the Russian economy's chances to exit the recession, the country's top statistics body said on Monday.

"Russia's GDP totaled an estimated 39.016 trillion rubles [$1.3 trillion] in current prices. Its volume declined 7.9% in real terms compared with 2008," the Federal Statistics Service (Rosstat) said.

In 2008, Russia's economy grew 5.6%.

The global financial and economic crisis forced Russia, which receives a large share of its revenue from oil exports, to gradually devalue the ruble amid capital flight and a fall in global oil prices, which declined from their peak of $147 per barrel in July 2008 to around $40 per barrel in early 2009.

Prices have sprouted back to above $70 per barrel since then.

Russia's Economic Development Ministry expects GDP to grow 3.1% in 2010, if global oil prices stay at $65 per barrel. This estimate almost matches the World Bank's forecast of 3.2% GDP growth this year, although at an oil price estimate of $76 per barrel.

The Russian government expects the national economy to expand 3.4% in 2011 and 4.2% in 2012, if global oil prices stay at the level of $70 and $71 per barrel, respectively.

MOSCOW, February 1 (RIA Novosti)

 

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