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Russian GDP Shrinks First Time Since June as Longer Slump Looms

  • GDP drops seasonally adjusted 0.3% in November, ministry says
  • Russian economy on track for longest recession in two decades
Bloomberg business news

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Russia’s economy shrank for the first time in five months as declines in oil prices rippled through consumption and industrial output, highlighting the risks to a recovery from the country’s recession.

Gross domestic product slumped 0.3 percent in November on a seasonally adjusted basis after gains of 0.1 percent in October and 0.3 percent in September, the Economy Ministry said in a report on its website. GDP shrank 4 percent last month from a year earlier.