The Russian economy has taken a further beating in the first quarter of 2009, with its GDP falling 23.2% on the fourth-qaurter of 2008, and 9.5% on a year on year basis, according to the Federal Statistics Service on Friday.
The sharp downturn has heavy attribution to the falling oil prices, from $147 last year in July, which once led the growth of the Russian economy.
Related news articles:
1 Comment