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Russian Economy Shrank 4.6 Percent In Second Quarter

The Russian economy was 4.6 percent smaller in the second quarter of 2015 than the same quarter last year, according to official government figures.

The preliminary estimate released on August 10 by Russia’s official Rosstat agency follows a less dramatic decline of 2.2 percent in the first quarter of 2015.

The 4.6 percent drop in gross domestic product would be Russia’s sharpest quarterly GDP contraction in six years.

An earlier government forecast had estimated a 4.4 percent contraction.

The Russian economy has suffered as a result of a fall in oil prices and Western sanctions over Russia’s interference in Ukraine.

The Russian currency has lost about 20 percent of its value since mid-May, after it recovered slightly this year.

The ruble lost about half of its value in 2014.

Based on reporting by AP, AFP, and Bloomberg