MOSCOW, Russia — Russia’s recession worsened in the second quarter as gross domestic product shrank by 4.6 percent compared with a year earlier, battered by lower oil prices and Western sanctions over Ukraine, official statistics showed Monday.
The preliminary estimate from the official Rosstat agency marks a steep drop from the 2.2 percent contraction in the first quarter of 2015, and is worse than an earlier government forecast of 4.4 percent.
A sharp contraction had been widely expected, with Russian officials saying that the country’s economic crisis has reached its nadir.
But a new fall in crude oil prices has …read more
Source: The Philippine Daily Inquirer
