Russia's GDP drops 3.6% in a year

Russia's GDP drops 3.6% in a year

In the first seven months of this year Russia's GDP decreased by 3.6% compared with the same period in 2014, the Ministry of Economic Development reported.

"According to the Russian Ministry of Economic Development, since the beginning of this year there has been a consistent decline of GDP dynamics, excluding seasonality. An inflection point was reached in July, GDP growth amounted to 0.1%. The decline of GDP in July of last year amounted to 4.6%, since the beginning of the year GDP decreased by 3.6% compared with the corresponding period of 2014," Interfax quoted the Ministry's report.

Earlier this week similar statistics were announced by the head of the Ministry, Alexei Ulyukayev. The only notable difference was simply that he did not name the figures for seven months.

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