Russian Economy Sees Improvement

Compared with the same period of 2009, the Russian economy grew 4.2% in the first half of the year, the country’s economic development minister said, according to Agence France-Presse.

“In principle, there has been good momentum in the emergence of the economy from crisis,” Minister Elvira Nabioullina said. “In June, the positive trend continued.”

Russia suffered a 7.9% economic contraction in 2009, weighed down by the global financial crisis, after growth of 5.6% in 2008. The recovery has been helped by a steady rise in oil and gas prices this year. Oil and gas account for 60% of Russia’s export earnings. Authorities now foresee growth of 4% for all of 2010.