ST. PETERSBURG, October 19 (RIA Novosti) - Russia's gross domestic product resumed month-on-month growth in September after a stutter in August, a deputy economics minister said on Monday.
"Both industry and GDP demonstrated growth in September," Andrei Klepach said.
Russia's GDP was reported to be unchanged in August on July, taking into account seasonal factors. In July, Russia's economy grew 0.5%, month-on-month.
Russia's Economic Development Ministry reported last week that the country's industrial output growth, net of seasonal and calendar factors, accelerated to 0.4% in September to 0.2% in September.
Russian economics and finance officials said in September that the third quarter would see the start of Russia's exit from recession but added that it was still premature to speak about the end of the crisis in the country. Klepach confirmed on Monday expectations that Russia's economy will only reach pre-crisis levels in 2012.
"According to our forecasts, in the best-case scenario, Russia will reach its pre-crisis levels in terms of GDP in early 2012," Klepach said at the St. Petersburg forum on strategic planning in Russian regions and cities.
Klepach said Russia's GDP was expected to decline 8.5% in 2009 as compared with 2008, adding that Russia had witnessed a slight growth since May-June but it was not stable enough.
Russia's Economics Ministry expects a slight capital inflow or zero capital outflow in October, Klepach said.
Russia registered a capital outflow of $6 billion in September, $9.4 billion in August and $16 billion in August amid the ongoing economic crisis.
Net capital outflow from Russia hit $31.5 billion in the third quarter and $62.3 billion in January-September. Russia's net capital outflow was $130 billion in 2008.
Russia registered consumer price growth in early October after six weeks of zero inflation, Klepach said.
According to data released by Russia's Federal Statistics Service Rosstat, inflation in Russia grew 8.1%, year-on-year, from January to mid-October. The government's official inflation forecast for 2009 is 11% but the government has said that inflation could be below 11% this year following a slowdown in consumer price growth.
Many experts say slower inflation in Russia is attributable to declining domestic demand rather than to the government's anti-crisis measures.
