Industrial production was speeding up, with an expected surge of 7.0 percent this year compared with a previous forecast of 6.3 percent, he told reporters.
In the first six months of the year, gross domestic product (GDP) expanded by 7.4 percent from the same period in 2003, according to preliminary ministry estimates.
Despite stock market and banking turbulence in Russia, "the economic indicators are good and even better than one had hoped for at the beginning of the year," Klepach said.
"There was an acceleration of growth in the second quarter compared with the first quarter," he said.
The Russian government has revised twice its 2004 growth forecast since it was set at 5.2 percent in January. In 2003, GDP expanded by 7.3 percent.
The country's economic dynamism mainly was due to a 24-percent rise in exports in the first six months of the year compared with a year ago, Klepach said. Two thirds of the rise was accounted for by higher prices and a third by an increase in volume, he added.
Sustained internal demand and a rise in investment also supported growth in the first half, he said.
However, "the inflationary risk in Russia remains fairly high" and the rate of inflation could exceed the 10.0 percent limit set by the government this year, he said.
Consumer prices rose 6.1 percent in the first six months of the year, compared with 7.9 percent in the same period in 2003.