: In July, the GDP decline accelerated to 4.6 percent year-on-year, according to The Moscow Times. However, for the first time since the start of the year, the Russian economy grew by 0.1 percent last month compared to June. Drops in construction and investment remain the major negative factors affecting the Russian economy, the report said. The Economic Development Ministry said in the report that Russian GDP reached an inflection point in July. Since early 2014, Russia economy has slowed dramatically due to a sharp drop in global oil prices and Western sanctions imposed on Russia over its role in the Ukraine crisis. Mining, manufacturing, retail, production, and distribution of electricity, gas and water all positively influenced the dynamics of Russian GDP in July, the report said.
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