Russia's GDP shrinks 7.0% in 1st qtr: Minister

MOSCOW: Russia's economy contracted seven percent in the first quarter of 2009, Economic Development and Trade Minister Elvira Nabiullina announced on Friday.

That figure compared with a record 8.5 per cent growth over the same period in 2008, said Nabiullina, cited by the Ria Novosti agency.

The latest figures fell within the range of between 7.0 and 7.2 per cent forecast by the minister, the news agency said.