Economics
Russian Economy Shrank by Quarter in April, Early Data Show
- Budget data offer initial indication of virus contraction
- Bloomberg Economics sees 16% contraction in second quarter
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Russia’s overall output shrunk by a quarter last month as the pandemic lockdown limited economic activity and slashed incomes, according to Bloomberg Economics estimates based on Finance Ministry data.
“With lockdown effects lingering through May, the decline in GDP in the second quarter is likely to be deeper than during the global financial crisis,” said Scott Johnson, an analyst at Bloomberg Economics.