Russia's gross domestic product (GDP) plunged 11 percent in May compared to the same period last year, Deputy Economic Development Minister Andrei Klepach said on Tuesday.

The economy contracted 10.2 percent from January to May this year, compared to the same period of 2008, the Interfax news agency quoted Klepach as saying.

"The economy is close to the lowest point of its contraction. In several sectors close to the global situation, a revival has been seen and exports can be expected to grow, but the sectors tied to investment demand are showing a major decline," Klepach said.

Given the 10 percent decline over the first five months, Klepach said, lowering the economic slump to 6.8 percent for this year would be "a heroic act for our economy."

Russia's economy, heavily dependent on exports of energy and raw materials, was hit hard by the global financial crisis. Russian GDP contracted by 9.8 percent year-on-year in the first four months of this year.

The International Monetary Fund previously predicted the Russian economy would contract 6 percent this year and expand 0.5 percent in 2010.

(Xinhua News Agency June 24, 2009)