Russia's GDP contracts 10.1 percent in first half of 2009

• Source: Xinhua
• [14:22 July 17 2009]
• Comments

The Gross Domestic Product (GDP) of Russia fell 10.1 percent from January to June this year, Economic Development Minister Elvira Nabiullina said on Wednesday.

She estimated that Russia's economy may shrink 8 percent to 8.5 percent in 2009, news agencies reported.

Nabiullina said there have been positive signs for the economy as industrial output increased 0.8 percent in the first half of this year.

The minister believed the Russian economy can overcome the negative effects of the current financial and economic crisis as it will gradually ease with government's anti-crisis measures taking effect.

The ministry previously expected Russia's economy to fall 6 percent to 8 percent this year, while a World Bank report put the figure at 7.5 percent.