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Russia's inflation to reach some 7 percent in 2011 - minister

The minister reminded that Russia is the world's six largest economy; its GDP growth is estimated at 4.1 percent in 2011

MOSCOW, October 6 (Itar-Tass) — The inflation rate in Russia is expected to reach some 7 percent this year, Minister of Economic Development Elvira Nabiullina said at the Russia Calling! investment forum on Thursday.

It is the best result in a modern Russia. The minister reminded that Russia is the world's six largest economy; its GDP growth is estimated at 4.1 percent in 2011.

"The Russian economy has compensated the crisis-related recession almost completely," Nabiullina said.

According to the minister, the main macroeconomic indicators have posted an increase: for example, industry is expected to grow 4.8 percent, and agriculture - 13.7 percent.

The minister of economic development stated that the macroeconomic indicators had been forecast before the August events in world markets; but that "we are not going to revise them."

Russia's economic growth continues in the conditions of falling oil prices. The growth will continue if oil prices drop to 80 dollars per barrel, but its rate might slow down to 2 to 2.5 percent.

However, if oil prices plummet to below 60 dollars per barrel, Russia's economic growth will stop, according to Nabiullina.

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