Russian Economy Grows 8.5% in Q1

2007 growth was 8.1%

Russia's economy grew by 8.5% in the first quarter of 2008 compared to the previous year, a percentage point down on the previous quarter's growth, state statistics agency Rosstat said on June 16.

Year-on-year growth in 2007 was 7.4% in the first quarter, 8.1% in the second quarter, 7.3% in the third quarter and 9.5% in the fourth quarter, the agency said.

Growth for the whole of 2007 equalled 8.1%. The government has predicted growth of 7.6% for the whole of 2008.

The International Monetary Fund and World Bank have warned of a risk of Russia's economy overheating.

Copyright Agence France-Presse, 2008

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