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Russian economy won't return to pre-crisis levels until 2012: minister

08-01-2010 10:08 BJT

MOSCOW, July 31 (Xinhua) -- The Russian economy won't regain the level it was at before the global economic crisis until the end of 2012, Deputy Prime Minister and Finance Minister Alexei Kudrin said Saturday.

Russia's gross domestic product (GDP) last year contracted 7.9 percent as compared with that of 2008.

Kudrin noted that a quarter of Russia's GDP was created in the oil and gas industry, and that about 40 percent of the federal budget relies on oil exploration, processing and transportation.

However, by 2020, the share of the GDP from the oil and gas sector will gradually be reduced to 15 percent, in accordance with the drop in the pace of oil and gas mining, Kudrin said.

The economy "will grow by 4 to 5 percent, although it is desirable to grow by 7 percent," Kudrin said as quoted by the Itar-Tass news agency.

Russia, which relies on raw material exports as its principal source of budget revenue, was hit hard by the 2008 economic crisis.

Editor:Yang Jie |Source: Xinhua

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