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29 Apr 2016, Annie Tsoneva, EMIS Editor

Russian GDP down 1.4% in Q1

Russia economy shrank 1.8% on the year in March and by 1.4% in the first quarter of this year, newswire Prime reported on Friday citing the Economic Development Ministry.

Seasonally adjusted gross domestic product (GDP) edged down 0.1% month-on-month in March after a stagnation in February.

Russia’s surplus in foreign trade dropped 52.7% to $21.5 billion in the first quarter compared to the same period of 2015. Exports went down 34.2% to $59.3 billion, while imports contracted by 15.3% to $37.8 billion.

Russia’s economy fell last year 3.7% on low oil prices and western sanctions.

According to Russian government projections, the GDP will fell 0.2% this year, but according to some western analyst, the drop will be much stronger. One of them is credit agency Moody’s which see it at 1.5%.

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