The Russian
economy’s heavy reliance on energy, plus Western sanctions imposed
because of Moscow’s role in the Ukraine conflict, have left the country
in its worst financial position since the depths of the global financial
crisis eight years ago.
The Federal Statistics Service reported Monday that its preliminary data shows Russia’s gross domestic product (GDP) contracted by 3.7 in 2015, due in large part to a 10 percent decline in retail sales over the year, including a 15.3 percent drop in December compared with December 2014, and an annual decline of one-third in foreign trade. Russia’s GDP had grown by 0.6 percent in 2014.
The overall GDP drop exactly matched the forecast made by the International Monetary Fund (IMF) in the update to its World Economic Outlook issued on Jan. 19. The same IMF report said Russia’s economy would drop an additional 1 percent in 2016 before recovering with 1 percent economic growth in 2017.
http://oilprice.com/Latest-Energy-News/World-News/Sanctions-And-Low-Oil-Prices-Deepen-Russian-Recession.html
The Federal Statistics Service reported Monday that its preliminary data shows Russia’s gross domestic product (GDP) contracted by 3.7 in 2015, due in large part to a 10 percent decline in retail sales over the year, including a 15.3 percent drop in December compared with December 2014, and an annual decline of one-third in foreign trade. Russia’s GDP had grown by 0.6 percent in 2014.
The overall GDP drop exactly matched the forecast made by the International Monetary Fund (IMF) in the update to its World Economic Outlook issued on Jan. 19. The same IMF report said Russia’s economy would drop an additional 1 percent in 2016 before recovering with 1 percent economic growth in 2017.
http://oilprice.com/Latest-Energy-News/World-News/Sanctions-And-Low-Oil-Prices-Deepen-Russian-Recession.html
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