Russia's economic downturn showed no signs of slowing in May, with preliminary figures released Tuesday revealing an 11 percent annual contraction in the economy during the month.
The slide in gross domestic product was worse than the 10.5 percent annual drop in April. During the first five months of the year, the economy shrank by 10.2 percent compared with last year, Deputy Economy Minister Andrei Klepach said.
Russia has been the hardest hit of the major developing economies as oil prices plunged last year and demand for metals dropped off. It is widely expected that second quarter GDP figures will show the economy is in a technical recession _ often …
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