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Russia’s 2015 GDP falls on plunging oil prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 26/01/2016 (12:06)
According to media reports, preliminary data from Russia’s state statistics agency showed that the country’s gross domestic product (GDP) declined 3.7% in 2015 as fresh falls in oil prices take their toll on the energy-reliant economy. The figure was in line with estimates from the economy ministry. Russia’s GDP posted an increase of 0.6% in 2014.

In December, Russia’s President Vladimir Putin announced that the country’s 2016 budget had been calculated based on an estimation of $50/barrel for oil prices. However, an anti-crisis plan has recently been announced by the government as oil prices currently stand around $30/barrel.
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