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Russian GDP Shrinks 3.7% as Oil Slump Continues

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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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Former Craig

Former Craig

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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