Russia's pace of economic development is slowing down, as seen from the latest government report.

      The ministry of economic development cut its GDP forecast for 2014 from 4.3 to 3.7 percent.

      In 2014, industrial output will grow 3.4 percent, down from 3.7 percent estimated earlier.

      Investment in fixed assets in the same year is likely to grow 6.6 percent, not 7.3, as was expected.