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Russia’s recession deepens as economy contracts 4.6%

on Mon Aug 10, 2015 4:16 pm
Slow oil prices, sanctions imposed by west and fiscal austerity take their toll

Russia’s recession deepened in the second quarter of 2015, marking a sharp contrast with robust growth in much of eastern Europe, figures released prematurely by Rosstat, Moscow’s statistics service, on Monday showed.

Russia’s gross domestic product declined 4.6 per cent year-on-year in June, a fraction worse than the consensus forecast of 4.5 per cent and a sharp acceleration from the 2.2 per cent year-on-year fall recorded in the first quarter..................

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