Russia's gross domestic product (GDP) in January to October grew by 1.7 percent year on year, Russian President Vladimir Putin said at his annual press conference on Thursday.

The whole-year growth for 2018 is expected to be 1.8 percent, he said.

According to Russia's Federal Statistics Service (Rosstat), the country's GDP grew 1.5 percent in the first nine months of the year.

Putin praised the economic growth, saying that the government will be able to ensure a growth rate above 3 percent from 2021.

Inflation in Russia will exceed the target level of 4 percent and amount to 4.1-4.2 percent by the end of 2018, he said.

The number coincides with the previous forecast of the Russian central bank that the inflation will amount to 3.9-4.2 percent by year end.

In addition, Russia's federal budget will have a surplus which is equal to about 2.1 percent of GDP in 2018. It will be the first time the country has a surplus since 2011.

Russia has been suffering from an economic recession since 2014 due to Western sanctions and low oil prices. The economy was back on track in 2017 when the GDP growth rose 1.5 percent year on year, according to Rosstat.