Mexican Media Brands
Russia’s Economy Contracts
The Russian economy shrank by an annualized 1.9% in the first quarter of 2015, reversing 0.4% growth in the previous quarter, according to the country's Rosstat statistics agency.
#economics
Share
The Russian economy shrank by an annualized 1.9% in the first quarter of 2015, reversing 0.4% growth in the previous quarter, according to the country's Rosstat statistics agency.
Economists say weak oil prices, economic sanctions and Russia's tightening fiscal policies make a quick recovery unlikely. The ruble also has weakened about 30% against the U.S. dollar, in which petroleum is traded, over the past 12 months.
The European Bank for Reconstruction and Development has predicted Russia's economy will shrink 4.5% this year and 1.8% in 2016.
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.