Arab Today, arab today russian economy shrinks 37 in 2015
Last Updated : GMT 02:18:28
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Russian economy shrinks 3.7% in 2015

Arab Today, arab today

Arab Today, arab today Russian economy shrinks 3.7% in 2015

Russian economy shrinks 3.7% in 2015
Moscow - SPA

Russia's economy shrank by 3.7 percent in 2015 as the country struggled with the low oil price and international sanctionsm, AP reported.

The state statistics service says in a preliminary report Monday that last year also saw a 10 percent drop in retail sales and a one-third drop in foreign trade.

With Russian government revenues hurt by the fall in the oil price, the government has said it will have to make cuts to the budget for 2016, which was adopted in October and based on an oil price of $50 per barrel.

 

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