Russia’s economy contractions slows down to 10.9% in May

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Russia’s economy declined by 10.9% in May, year-on-year, data showed on Friday, following a sharper fall of 12% in April when the country was locked down to combat the coronavirus.

The economy ministry said the decline has slowed down in manufacturing and retail sectors.

It also said that the economic recovery was restrained by a global deal to curb oil output starting from May 1. Oil and gas condensate production last month fell by 14.5% year-on-year.

In the five four months of 2020, gross domestic product shrank by 3.7% in year-on-year terms, the ministry said.

In the whole of 2020, Russia’s economy is on track to shrink by 4.8%, the economy ministry forecasts.

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