Russian GDP Shrinks 3.7% as Oil Slump Continues

Consumer demand and capital investment in Russia declined in 2015, sending the economy into recession, official data showed Monday.

As two of the economy’s key drivers fell, Russia’s gross domestic product contracted 3.7% amid falling oil prices and Western sanctions, according to data from the Federal Statistics Service, confirming previous estimates.

Retail sales, which reflect the strength of consumer demand, fell 10% last year, while capital investment shrank 8.4%.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.