The data released by the Rosstat, the federal statistics agency, show a growth of just 2.7 percent.

Earlier, the Ministry of Economic Development downgraded its initial forecast from 3.6 to 3.2 percent, but even the lower target is unlikely to be met, experts say.

According to analysts with the Interfax news agency, the most probable figure is 2.9 percent.

Whatever the exact number, it'll definitely be the lowest for the past decade, excluding the 2008-2009 crisis period.

Industrial production is expected to recover no sooner than in the third quarter of 2013, says the Russian Economic School while the Higher School of Economics predict further stagnation, growing by as little as a 3.2 percent in annual terms.

Sources: http://www.vedomosti.ru