MOSCOW, Aug. 26 (Xinhua) -- The Russian Economic Development Ministry revised upwards its economy and inflation growth forecast on Thursday, RBC news agency reported.

Russian economy will rise in 2011 by 4.2 percent, which is 0.8 percentage points up against its earlier forecast, according to the ministry.

For 2012, the forecast of Russian gross domestic product (GDP) will be 3.9 percent instead of earlier 3.5 percent, and for 2013 the GDP will be 4.5 percent instead of 4.2 percent.

The ministry also adjusted its inflation rates forecast. The new prognosis for 2010 is 7 to 7.5 percent instead of earlier forecast of 6 to 7 percent; for 2011, it is 6 to 7 percent instead of 5.5-6.5 percent.

At the same time, the ministry reconsidered downwards its 2010 forecast for capital investments, from 2.9 to 2.5 percent. For 2011, the forecast revised upwards from 8.8 to 10.1 percent. In 2012, the ministry expected that capital investments rise by 3.5 percent instead of 6.3 percent.

Updated forecast will be submitted for the government meeting on Aug. 30.