Russia's economy shrinks 1.9 percent in Q1


(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.


MENAFN

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.