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)