RIA Novosti cited Mr Vladimir Putin Prime Minister of Russia as saying that Russia gross domestic product will expand 4.2% to 4.3% in 2011.

Mr Putin said "GDP growth will exceed 4%. This means that by the beginning of 2012 our economy will fully compensate the crisis decline. 4.2% to 4.3% is not bad but we should aim for a better result."

The Economic Development Ministry cut the 2011 economic growth forecast to 4.1% from 4.2% due to a slow growth in the first half of the year.

The ministry also raised the 2012 forecast to 3.7% from 3.5% cut the 2013 forecast to 4% from 4.2% and left figures for 2014 unchanged at 4.6%.

(Sourced from RIA Novosti)