Russian economy to grow 3.2 percent this year: World Bank

20:10, January 22, 2010      

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Russia is expected to witness a 3.2-percent growth in gross domestic product (GDP) this year, based on a crude oil price at 76 U.S. dollars per barrel, the World Bank says.

In its Global Economic Prospects 2010 published Thursday, the World Bank further estimated a rise of the average oil price in 2011 to 76.6 dollars per barrel, but that Russia's GDP growth would decline slightly to 3 percent.

Preliminary statistics showed a 8.7-percent GDP decline in Russia in 2009, with the annual average oil price standing at 61.8 dollars per barrel.

The economic recession in Russia in 2009 was even greater than that during the 1998 crisis, the report said.

The economic slump was caused by several factors, including an average 15-percent slide in exports to major trading partners, an 18-percent contraction in domestic investment and a 4.7-percent decrease in personal consumption, the World Bank said.

Source: Xinhua
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