Russian economic contraction 'less than feared at 1.9%'
An engineer works at the Novoprtovskoye oilfield
Moscow - AFP
Russia's economy shrank 1.9 percent in the first quarter under pressure from low oil prices and Western sanctions, the state statistics agency said Friday, a smaller contraction than earlier expected.
Russian Prime Minister Dmitry Medvedev last month estimated that the economy had shrunk by two percent in the first quarter while Economy Minister Alexei Ulyukayev said the contraction could reach 2.2 percent over the same period.
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