(MENAFN) Official data showed that Russia's recession dropped further in the second quarter as gross domestic product (GDP) contracted by 4.6 percent on lower oil prices and western sanctions.
Forecasts from the official Rosstat agency show a sharp decline from the 2.2 percent contraction in the first quarter and worse-than-expected 4.4 percent previously estimated by the government.
The GDP drop marked the worst quarterly decline in six years, as the government struggle with one of the worst downturns in President Vladimir Putin's 15 years in charge.
"We hope that the second quarter of this year could mark the bottom of the current cycle, and (second half of 2015) numbers could look somewhat better," an economist at Renaissance Capital said.
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