Russia's GDP surpasses pre-crisis levels

Russia's gross domestic product (GDP) has surpassed the pre-crisis levels, Prime Minister and President-elect Vladimir Putin told the State Duma on Wednesday. "This means that our economy has fully overcome the consequences of the recession registered in 2008, 2009 and even 2010," Putin said in his annual address to the lower house of parliament. According to the Economic Development Ministry, Russia's GDP grew by 4.8 percent in February 2012 compared with the same period last year. In 2009, the Russian economy, smashed by the global financial crisis, saw its worst recession in decades, with GDP shrinking 7.9 percent. This was Putin's fourth and final government work report to the State Duma as prime minister. Putin is expected to be inaugurated as president on May 7.