The Minister also said that fixed capital investment shrank 4.8 percent year-on-year in the first quarter of 2014. On the other hand, retail sales grew 3.2 percent.
Seasonally-adjusted GDP contracted 0.5 percent, following a 0.9 percent expansion in the last three months of 2013.
Earlier in April, the IMF estimated the GDP will expand 1.3 percent in 2014, the same as in 2013, but down from a 2 percent prediction made in January.
Mr. Ulyukayev said later that growth may come below 1 percent if current political tension continues. The United States and European Union have imposed asset freezes and visa bans on individuals and a bank and threatened economic sanctions, which may result in further capital outflows.