Russian economy grew 4.2 percent in first half: data

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The Russian economy grew 4.2 percent in the first half of the year compared with the same period of 2009, the economic development minister said Monday.

"In principle, there has been good momentum in the emergence of the economy from crisis," Minister Elvira Nabioullina told a cabinet meeting, according to Russian news agencies.

"In June, the positive trend continued," she said, adding that the economy expanded 4.9 percent when compared with June 2009.

Russia suffered a 7.9 percent economic contraction in 2009, weighed down by the global financial crisis, after growth of 5.6 percent in 2008.

The recovery has been helped a steady rise in oil and gas prices this year. Oil and gas account for 60 percent of Russia's export earnings.

Authorities now foresee growth of 4.0 percent for all of 2010.

© 2010 AFP

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