To explain this steady growth, the IMF points out that Russia, as an exporter of raw materials and energy, is benefiting from higher world market prices.
If the Russian Central Bank had expected a decline in GDP as sharp as that forecast by the ifo Institute, it would likely have cut its key interest rate more sharply on Friday.
Russia's commodity exports are booming as a result of the Middle East crisis. Oil, fertilizer, and helium are becoming major sources of revenue for Moscow.