Russia's economy shrinks 1.9 percent in Q1
Date
5/16/2015 3:35:10 AM
(MENAFN) Russia's Economy shrank 1.9 percent in the first quarter under pressure from low oil prices and Western sanctions, a smaller contraction than earlier expected, The Peninsula Qatar reported.
Last month, the economy was estimated to shrink by 2 percent on-year in the first quarter while Economy Minister said the contraction could reach 2.2 percent over the same period.
"The best that can be said about Q1 GDP data from Russia is that the economy has avoided outright collapse and is, instead, merely on the cusp of recession," said Capital Economics, a consultancy.
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