Russia’s economy has contracted the most since 2009 following lower oil. Russia’s GDP shrank by 4.6% in the second quarter from the same period last year, following a 2.2% decline in the previous three months, according to the Federal Statistics Service in Moscow cited by Bloomberg’s Anna Andrianova. This was a greater contraction than expected: Analysts in a Bloomberg survey were forecasting a 4.5% contraction, while Russia’s Economy Ministry projected 4.4%. Russia’s economy has been bruised over the past year, in part due to the double whammy of collapsing oil prices and sanctions over the conflict in Ukraine. Recently, oil …read more
Source: Business Insider
