The Russian economy contracted by 0.5% in November, the first decline in GDP since October 2009.
The Russian government forecast a decline of 0.8% of GDP next year, compared with 0.6% GDP growth in 2014 as a whole.
Ruble fell to a level of 57 to the US dollar on Monday, a decline of over 6% after it had increased last week.
The
Russian economy is highly dependent on energy exports hit by the drop
in oil prices and a number of sanctions western countries.
Sanctions
imposed because of Russian support for separatists in eastern Ukraine,
targeting the oil and gas industry in addition to a number of banks, gun
makers and wealthy elite group near predictably President Vladimir
Putin.
Russia
blocked the majority of food imports from the West to reply to this
policy. Ruble lost half its value against the dollar this year.
Ministry
of economic development of Russia claimed the manufacturing,
construction, agriculture and services contracted in November. While
mining, energy and retail trade continued to show growth.
Source: BBC
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