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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