Russia’s economy suffered a 4.6-percent fall in GDP in the second quarter of 2015 against the same period last year, the worst performance in six years, according to official statistics. A collapse in oil prices and Western sanctions were largely to blame, however improvement is forecast in 3Q of 2015.
The sharp GDP quarterly decline more than doubled the 2.2 percent year-on-year contraction recorded in the previous three months, Russia's Federal Statistics Service said Monday. The government had previously predicted a Q2 decline of 4.4 percent. The slump sees the Russian economy officially enter a recession for only the second time in the past 15 years. Russia was hit hard by the global financial crisis and the recession of 2008-2009 as a result of its integration into the world economy.
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INC News, 11/08/2015 - via RT
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