(PTI): Russia’s economy will not return to its 2008 pre-crisis level earlier than the end of 2012, the country’s Finance Minister Alexei Kudrin has said.

“We are planning to restore GDP [gross domestic product] to pre-crisis levels in the fourth quarter of 2012,” Kudrin told reporters on Wednesday after reporting on the government’s anti-crisis measures to the State Duma.

The finance minister also predicted that the national economy would resume development at pre-crisis levels in 2013.

“Our main achievement is that personal revenues have not fallen dramatically. The shrinkage was only 1.4 percent, which is roughly equal to the pre-crisis level,” he said.

Kudrin said the Russian economy would experience slower growth during the next three years as it seeks to resolve the problems accumulated during and after the global economic crisis.

Kudrin said the government had spent 900 billion rubles ($30 billion) on anti-crisis measures out of some 1.393 trillion rubles ($46 billion) earmarked for the purpose in the budget.