Russian economic slump: The downturn in key sectors of the Russian economy — including industrial production, retail trade and construction — deepened sharply in May, with the steepest monthly drop in output since September 2009, according to data released by state statistics service Rosstat.
Retail trade (down 9.2%) and industrial output (down 5.5%) were hardest hit while agricultural production bucked the trend with a rise of 2.7% as the devaluation of the rouble and the ban on EU food imports drove consumers to switch to domestic products.
Overall, Russia’s economy is expected to shrink by about 3% this year as another slump in oil prices and Western sanctions over the Ukraine crisis stifle investment.
Source: The Moscow Times