Russia's GDP down 8.9% in 3Q09 year-on-year

Russia's GDP fell 8.9% in the third quarter year-on-year and grew 13.8% on the second quarter, the Federal Statistics Agency said on Friday.

Russia's GDP fell 8.9% in the third quarter year-on-year and grew 13.8% on the second quarter, the Federal Statistics Agency said on Friday.

Russian Finance Minister Alexei Kudrin said last Wednesday GDP decrease in 2009 would exceed the forecasted figure of 8.5%, but did not say whether the decrease would be less than 9%.

The Russian Economics Ministry earlier predicted the national economy would shrink 8.5% in 2009, but grow 3% in 2011 and 4.3% in 2012.

President Dmitry Medvedev approved on December 2 the 2010 federal budget and basic budget parameters through 2012.

The 2010 budget will run a deficit of 6.8% of GDP, or 2.9 trillion rubles ($100 billion). It should fall to 4% of GDP in 2011 and 3% in 2012.

MOSCOW, December 11 (RIA Novosti)