Russia economy: Just earlier this month, German Gref, the head of Russia biggest lender Sberbank, declared that the peak of Russia economic crisis had passed, the TASS news agency reported, according to The Moscow Times. Deputy Economic Development Minister Alexei Vedev last week forecast a milder contraction of 4 percent in April, the Interfax news agency reported. The drop exceeded many economists' expectations, nipping hopes for a quick economic recovery in the bud. Russia GDP dropped by 0.6 percent in April, accelerating from a 0.4 percent decline in March. Russian GDP growth fell into negative territory in November last year, dropping 0.5 percent year-on-year for the first time since 2009, according to a report by the Economic Development Ministry. The economy shrank by a total of 2.5 percent in the first four months of the year, according to VEB. Russia economy has slowed sharply since the beginning of last year due to Western sanctions over the Ukraine crisis and a plunge in the price of oil, Russia main export.
(news.financializer.com). As
reported in the news.
Tagged under Russia economy, economic crisis topics.