Cyprus Mail
Business

Russian economy suffers first major contraction since 2009

The rouble lost almost 50% of it's value since the beginning of the year (Photo: Free Photo)

By Elena Fabrichnaya and Alexander Winning

Russia’s economy shrank sharply in November and the rouble resumed its slide on Monday as Western sanctions and a slump in oil prices combined to inflict the first contraction in GDP since the global financial crisis.

The Economy Ministry said gross domestic product shrank 0.5 percent last month, the first drop since October 2009. With oil exports forming the backbone of the economy, analysts said the contraction is likely to worsen.


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