January 25, 2016

WHAT ECONOMY?:

Russian economy hit hard by sliding oil price (dEUTSCHE-wELLE, 1/25/16)

Monday's preliminary figures report the biggest contraction in GDP since 2009 when the global financial crisis triggered the Russian economy to shrink by 8 percent.

This time around the country's economy has been dealt blows by the plummeting price of oil and Western sanctions over Russia's annexation of Crimea. Oil prices have fallen over 70 percent in the past 15 months, and the country relies on oil and gas for over half of its budget.

Posted by at January 25, 2016 7:35 PM

  

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