By Li Hongmei

The initial estimate for Russia's GDP growth in 2013 is 1.4%, which corresponds to the Economic Development Ministry's final forecast.

"The pace of economic growth last year can not under any circumstance be considered satisfactory: 1.4%," Economic Development Minister Alexei Ulyukayev said during the government hour in the Federation Council on Wednesday.

Economic growth last year was held back due to a number of factors, both external (recessions in countries that are Russia's trading partners) and domestic factors (low level of investment), Ulyukayev said.

In December, the Economic Development Ministry said GDP growth in 2013 would equal 1.4%.

However, Deputy Economic Development Minister Andrei Klepach said in January that based on data from Rosstat the full-year result might be lower: 1.3%.

After Rosstat reported better-than-expected data on industrial production in 2013, up 0.3%, Ulyukayev said GDP growth in 2013 most likely totaled 1.4%.