Russian economy contracts 3.6% year-on-year in third quarter

MOSCOW (Reuters) - Russia's economy contracted 3.6% year-on-year in the third quarter, preliminary data showed on Thursday, as the coronavirus pandemic and lower prices for oil, Russia key export, took their toll.

Reuters November 13, 2020 00:07:14 IST
Russian economy contracts 3.6% year-on-year in third quarter

Russian economy contracts 36 yearonyear in third quarter

MOSCOW (Reuters) - Russia's economy contracted 3.6% year-on-year in the third quarter, preliminary data showed on Thursday, as the coronavirus pandemic and lower prices for oil, Russia key export, took their toll.

In the second quarter, Russia's gross domestic product shrank by 8% in year-on-year terms after growing 1.6% in the first three months of 2020.

Analysts polled by Reuters had on average expected Russia's GDP to contract by 4.5% in July-September.

The central bank, which slashed its key interest rate to a record low of 4.25% in an attempt to mitigate an economic contraction, expects GDP to fall 4-5% this year.

The economy ministry hopes the economy will contract by no more than 3.9% in 2020 before returning to growth in 2021.

(Reporting by Andrey Ostroukh; Editing by Alex Richardson)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Wall Street climbs on Cisco, Disney's upbeat results
Business

Wall Street climbs on Cisco, Disney's upbeat results

By Medha Singh and Shivani Kumaresan (Reuters) - Wall Street gained on Friday as Disney and Cisco's upbeat results brought the focus back to corporate earnings at the end of a volatile trading week that saw record surges in coronavirus cases and increased hopes of a working vaccine.

Gold jumps 1% on mounting pandemic, vaccine worries
Business

Gold jumps 1% on mounting pandemic, vaccine worries

By Sumita Layek (Reuters) - Gold gained as much as 1.1% on Friday as rising global coronavirus infections re-ignited concerns about the economic toll from the pandemic, while scepticism over the reach of a potential COVID-19 vaccine further boosted the safe-haven metal. Spot gold rose 0.8% to $1,890.81 per ounce by 11:33 a.m