The Ministry of Economic Development expects the current rate of GDP growth in Russia to reach a little over two percent in annual terms in the first and second quarters of 2013. The Ministry anticipates the growth to accelerate in the second half to four percent or even higher, Deputy Economic Development Minister Andrei Klepach said at a briefing.

The forecast is explained in large measure by the base effect, as the country’s agricultural sector in the third quarter of 2012 experienced low performance. In addition, investments in fixed assets were low at the end of 2012.