Support The Moscow Times!
Contribute today

Russia's Economy Contracted 3.2 Percent in First Five Months – Minister

By The Moscow Times
People walk past a board displaying currency exchange rates in Moscow.

ST PETERSBURG, Russia — Russia's economy contracted by 3.2 percent in the first five months of the year, Economic Development Minister Alexei Ulyukayev said on Friday, citing a preliminary estimate.

Russia's economy is sliding towards recession, hurt by weaker oil prices and sanctions over the Ukraine crisis.

Ulyukayev said at the St. Petersburg International Economic Forum that he expected the contraction in the second and third quarters of this year to be around 3.5 to 4 percent and that he saw a decline of around 2 percent in the fourth quarter.

"Starting from the second quarter of next year, we will approach levels of 2 percent GDP growth or a little higher," Ulyukayev said.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more

news

Russia's St. Petersburg Forum Opens to New Economic Reality

Last year, Russia's flagship economic forum in St. Petersburg, traditionally held in June, was moved forward to May to make room for a meeting of the G8...
news

EU Agrees to Extend Economic Sanctions on Russia Until January

European Union ambassadors agreed on Wednesday to extend economic sanctions on Russia by six months until the end of January next year, diplomatic sources...
news

Worst Not Over for Russia as Economy Shrinks 4.3% in April

Russia's economic recession deepened in April as the decline in gross domestic product accelerated to 4.3 percent year-on-year, quashing hopes that...
circumstances unclear

U.S. Citizen Killed in Moscow-Held Donetsk – Russian Media

Russell Bentley, 64, was known to have fought with Moscow-backed separatists in eastern Ukraine and had been given Russian nationality.
1 Min read