The Russian economy has grown for two consecutive quarters, a sign that the country is emerging from recession, a deputy economic development minister said on Tuesday.
Russia posted positive quarter-on-quarter results in the second half of last year, with its gross domestic product expanding 3.7 percent in the fourth quarter and 1.1 percent in the third, Andrei Klepach told a news briefing, citing data from the Federal State Statistics Service.
The Russian economy contracted 7.9 percent in 2009, better than the previous estimate of the government. Klepach said investment and retail sales registered jumps in the fourth quarter, but a sustained recovery still requires more efforts by the government.
The International Monetary Fund, in its World Economic Outlook report published on January 26, predicted the Russian economy would grow by 3.6 percent this year. The World Bank projected growth of 3.2 percent this year given oil prices stay at $76 per barrel.
