Gref says Russia's GDP up 7.7% on year in January-May

Russia's gross domestic product (GDP) grew 7.7% on the year in January-May, Russia's Economic Development and Trade Minister German Gref told reporters Thursday.

In May, the economy grew 7.9% on the year, he added.

The Economic Development and Trade Ministry plans soon to revise up its 2007 GDP growth forecast to 7% from the current 6.5%, Gref said.

Russia's Finance Minister Alexei Kudrin said Tuesday that the GDP could grow 7% this year. Last year the Russian economy grew 6.7%.