Russia Suffered Record Economic Contraction in 2009

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Russia’s economy shrank the most on record in 2009 after the price of oil slumped 77 percent from peak to trough and left businesses to start the year trying to adjust to smaller profits as banks cut off credit.

Gross domestic product fell 7.9 percent in 2009 after rising 5.6 percent the previous year, the State Statistics Service said on its Web site today, citing preliminary figures. The median forecast of 18 economists in a Bloomberg survey was for an 8.5 percent contraction, in line with the government’s prediction.

Full story: Russia Suffered Record Economic Contraction in 2009  –