Russia’s economy grew 4.9 percent year on year in the first quarter of 2012, the Federal State Statistics Service (Rosstat) said on Tuesday.
“The gross domestic product amounted to 104.9 percent in terms of volume in the first quarter of 2012 compared with the same period in 2011,” the service said in a statement.
According to Rosstat data, Russia’s GDP grew 4.3 percent last year. As for the first quarter of 2011, the country’s economy rose four percent then.
Russia’s Economic Development Ministry had estimated January-March 2012 GDP growth at four percent.
The ministry cut its 2012 GDP forecast to 3.4 percent from 3.7 percent in April, while the International Monetary Fund (IMF) expects Russia’s economic growth this year at four percent.
In 2011 Russia’s gross domestic product grew by 4.2 percent, the world’s third highest growth rate among leading economies, according to the ministry.