
Russia’s Economy Shrinks By 8.5 Percent In Second Quarter
Russia’s economy contracted by 8.5 percent year-on-year in the second quarter, the state statistics agency said Tuesday in its first assessment of the impact of the coronavirus and an oil crisis.
GDP fell in “all areas of the economy except agriculture” between April and June, the Rosstat agency said in a statement, with passenger transport down 79 percent and the services industry down 37.2 percent.
Rosstat’s figure for the second quarter was within the central bank’s forecast of between 8 and 10 percent, while the government had predicted a 9 percent reduction in economic activity.
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