Russia’s aggregate output dropped last year by a record 8% even though the economy bottomed out already in the second quarter and posted positive growth in the third quarter. Russia’s aggregate output and imports are now estimated to grow faster than envisaged in the BOFIT forecast of autumn 2009 supported by the low comparison basis and strong consumption demand. The growth rate could decline in 2011–2012, but it is expected to remain in the region of 4%.