The FINANCIAL — Russia’s economy contracted in November after a short-lived recovery, the Economy Ministry said on December 28, according to Nasdaq.
Russia’s gross domestic product fell 4% on the year in November, taking the annual decline for the January-November period to 3.7%.
The data contrasts with comments by government officials and President Vladimir Putin that the economy had bottomed out.
The government expects GDP to shrink by up to 3.8% for full-year 2015. Given a recent drop in oil prices, Russia’s economy is likely to contract further in 2016, the central bank said earlier this month.
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