Russian economy grew official 4.0 percent in first half

Russia’s gross domestic product (GDP) grew by 4.0 percent in the first half of 2010 from output in the same period last year, the state statistics office said on Tuesday, citing preliminary data.

The figures were slightly lower than official mid-July predictions, which forecast economic growth of 4.2 percent in the first half, according to the economic development ministry.

Russia’s hydrocarbon-dependent economy was hard hit by the economic crisis, suffering a 7.9-percent economic contraction in 2009 after growth of 5.6 percent in 2008.

But with the recovery of energy prices and strong performance in the second quarter, the government has been forecasting growth of 4.0 percent for all of 2010.