(MENAFN) According to the Russian Economic Development Ministry, the country's gross domestic product (GDP) has seen contraction in November for the first time since 2009, Xinhua reported.
The Russian economy has expanded by 0.6 percent in the past eleven months. The contraction was mainly due to negative trends in construction sector, agriculture and falling wholesales trade.
Earlier estimations showed that Russian economy is set to shrink by 3 percent in 2015 if global oil prices remain at USD60 per-barrel level, while it would grow 0.8 percent if prices increased to USD80.
"In November, the first time since October 2009, Russian gross domestic product (GDP) has contracted by 0.5 percent year-on-year," the ministry said in a statement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.