Ruble Dives as Russian GDP Contracts First Time in 5 Years

Russia’s economy contracted for the first time in five years in November, heralding a recession and undermining government efforts to shore up the ailing ruble.

The ruble fell the most in almost two weeks after the Economy Ministry said that gross domestic product shrank 0.5 percent in November from a year earlier. Russia’s manufacturing index declined this month by the most since May, according to a report from HSBC Holdings Plc and Markit Economics. With oil prices at $60 a barrel, GDP may slump about 4 percent next year, according to Finance Minister Anton Siluanov.