JRL NEWSWATCH: “Russian Economy Shrank 8.5% in Second Quarter – Official Data; Fall in GDP is less severe than government and Central Bank feared” – AFP

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“Russia’s economy contracted … 8.5% year-on-year in the second quarter, the state statistics agency [Rosstat] said … in its first assessment of the impact of … coronavirus and an oil crisis. GDP fell in ‘all areas of the economy except agriculture’ … Rosstat … said …, with passenger transport down 79% and the services industry down 37.2% The sharp drop came after 1.6% growth in the first quarter. … Russia had hoped 2020 would see an economic revival bolstered by massive state projects to modernise infrastructure. …”

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