Russia's economy will expand at an annual rate of 6.3 percent in the five years through 2010, Deputy Prime Minister Sergei Naryshkin said.

The government will meet its inflation target of 8 percent or less this year as the pace slows from 4.7 percent in the first five months of the year, Naryshkin told investors today at a conference organized by Renaissance Capital in Moscow.

Russia, the world's largest energy exporter, has entered its ninth consecutive year of economic expansion. The nation's $1 trillion economy advanced 7.9 percent in the first quarter.

Growth this year will probably exceed the government's forecast of 6.5 percent, Finance Minister Alexei Kudrin told the same conference today. The International Monetary Fund said this month that Russia's economy may grow 7 percent this year.