Elvira Nabiullina said growth is being curbed by weak consumer demand.
"Internal consumer demand will remain the basic factor driving economic growth this year, but it will be limited by a fall in income growth and slowing credit growth,” Nabiullina said.
Other official predictions have been more optimistic.
The Economic Development Ministry has warned of economic stagnation in Russia, but predicts that the country’s gross domestic product will expand by 2.5 percent this year.
Economic growth in Russia in 2013 was 1.3 percent, the lowest level since the 2009 recession and far below the growth levels recorded during Vladimir Putin’s first two terms as president.