Russia's economy to recover fully in 2012 - Kremlin aide

18:11 12/11/2009

MOSCOW, November 12 (RIA Novosti) - The Russian economy is expected to reach its 2008 pre-crisis level in 2012, Kremlin economic aide Arkady Dvorkovich said on Thursday.

Dvorkovich said however that the government would end anti-crisis support measures only after GDP growth was observed for several consecutive quarters.

Russia's top statistics body Rosstat said on Thursday that the country's GDP grew an estimated 13.9% quarter-on-quarter in July-September 2009, but declined 8.9% year-on-year.

In 2008, the Russian economy expanded 5.6%.

Russian economics and finance officials earlier said that the third quarter would see the start of Russia's exit from recession, but added that it was still too early to consider the economic crisis over.

Central Bank First Deputy Chairman Alexei Ulyukayev has said Russia's 2009 inflation could be below 10.3% compared with the projected figure of 11%.

"Year-on-year inflation in Russia currently stands at 10.3%. By the end of the year it will clearly not go higher, and may even decline," he said.

The government expects to bring inflation in 2010 down to 9-10% and in 2012 to 5-7%. Inflation was 13.3% in 2008.