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    Russia's GDP grew 5.6% in 2008 - statistics

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    Russia's gross domestic product grew 5.6%, year-on-year, in 2008, the country's top statistics body said on Tuesday.

    MOSCOW, February 3 (RIA Novosti) - Russia's gross domestic product grew 5.6%, year-on-year, in 2008, the country's top statistics body said on Tuesday.

    Russia's Economic Development Ministry earlier revised its 2008 GDP growth from 6.0% to 5.6%.

    Russia's economy grew 8.1% in 2007 and the government expected GDP to grow 7.8% in 2008 but had to lower its forecast to 6.0% due to the global financial crisis.

    Russia's GDP growth will be close to zero and budgetary revenues could decline 40% in 2009 amid the ongoing global financial crisis, Finance Minister Alexei Kudrin said on Friday.

    "Budgetary revenues will decline by 4.4 trillion rubles (about $133 billion), or more than 5.4% of GDP," he added, suggesting Russia's budgetary revenues could decline from 10.9 trillion rubles ($321 billion) to 6.5 trillion ($191.5 billion)

    He said Russia would have to spend a significant portion of its reserve funds to cover the 2009 budget deficit, and increase borrowing in 2010-2011.

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