Russia nominal GDP will decline for the first time since the early 1990's.

In 2009, Russia's nominal gross domestic product (GDP) will be 40.42 trillion rubles, which is less than 1.11 trillion (2.7 percent) than in 2008 year. This is the first time since the early 1990's, writes the newspaper "Vedomosti". Before the crisis, Ministry expected that the nominal GDP in 2009, 51.47 trillion rubles. Ruble GDP is not affected, even in a crisis 10 years ago.
According to the Ministry of Economic Development, the nominal GDP (converted into U.S. dollars) in 2009 will decline by 31.2 percent - to 1.15 trillion dollars.
Recall that the Ministry of Economic Development predicts decline in real GDP of 2.2 percent. According to experts interviewed by the publication, in this case, nominal GDP would remain above the level of last year.
In 2008, nominal GDP grew by 25.4 percent in rubles and 29.5 percent in dollars.
GDP, as a basic indicator of economic growth, assess the market value of all final goods and services produced per year in all sectors of the economy in the state.
Nominal GDP is calculated in current prices, the year of calculation, without taking into account adjustments for inflation. Real GDP has shown the extent to which economic growth is determined by the real output growth, rather than rising prices, so it is expressed in the prices of the previous or any other base year.