MOSCOW (Pakistan Point News / Sputnik - 29th May, 2020) Russia's economy shrunk 12 percent year-on-year in April and 1.9 percent in the first four months 2020, according to the Economic Development Ministry's report.
"In April 2020, Russia's GDP decreased by 12 percent year-on-year. The introduction of non-working days in Russia from March 30 in order to combat the spread of the new coronavirus infection, as well as continuing negative foreign economic conditions and quarantine measures in countries-trade partners caused a decrease in economic activity in both basic industries and the services sector. The decline in GDP over 4 months is estimated at 1.9 percent year-on-year," the document says.
In addition, the ministry adjusted its estimates of GDP growth to 0.8 from 0.9 percent in March, to 2.6 from 2.8 percent in February and to 1.6 from 1.7 percent in January.
