Russia"s gross domestic product declined...

"Russia"s GDP totaled an estimated 39.016 trillion rubles [$1.3 trillion] in current prices. Its volume declined 7.9% in real terms compared with 2008," the Federal Statistics Service (Rosstat) said.

In 2008, Russia"s economy grew 5.6%.

The global financial and economic crisis forced Russia, which receives a large share of its revenue from oil exports, to gradually devalue the ruble amid capital flight and a fall in global oil prices, which declined from their peak of $147 per barrel in July 2008 to around $40 per barrel in early 2009.

Prices have sprouted back to above $70 per barrel since then.

Russia"s Economic Development Ministry expects GDP to grow 3.1% in 2010, if global oil prices stay at $65 per barrel. This estimate almost matches the World Bank"s forecast of 3.2% GDP growth this year, although at an oil price estimate of $76 per barrel.

The Russian government expects the national economy to expand 3.4% in 2011 and 4.2% in 2012, if global

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