"GDP grew 8.4% in December 2007 compared with December 2006. This figure made it possible to adjust the 2007 GDP growth to 7.7-7.8% from 7.6%," Elvira Nabiullina said at a government meeting with the Russian president.
The minister said retail trade registered record growth of 16.7% in December.
"Consumer optimism is supporting economic growth," she said.
According to the minister, a total of 60.4 million square meters of housing was built in 2007 compared with 50.6 million square meters in 2006.
Russia's economic growth in 2007 has proved to be the highest in recent years and this trend will persist in 2008, with GDP expected to grow 7.5%, experts said.
In the past five years, the Russian economy has grown at an annual rate of above 7%, except for 2005, when GDP expanded 6.4%. In 2006, GDP grew 7.4%.
The global economic crisis is unlikely to affect Russia considerably as Russia's economic growth is increasingly based on domestic demand, experts said.
