Russia's economy declines 3.7% y/y in Nov after revised 4.5% drop in Oct

  • 12/18/2020
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MOSCOW, Dec 18 (Reuters) - Russia’s gross domestic product fell 3.7% year-on-year in November, after a revised 4.5% decline in October, the economy ministry said on Friday. It also put the January-November GDP contraction at 3.5%. The ministry revised October’s GDP contraction figure from the 4.7% reported a month ago. The Russian economy took a hit from a global drop in prices for oil, its key export, and the COVID-19 pandemic, while also feeling the burden of Russia-specific geopolitical risks and fears of more sanctions against Moscow. (Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin; editing by Louise Heavens)

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