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Russian GDP contracts 0.5% in Q1, highlights risk of Ukraine standoff

Published on Apr 16, 2014 5:41 PM
 

MOSCOW (AFP) - Russia's economy shrank by 0.5 per cent in the first quarter of 2014 from output in the final quarter of 2013, a minister said on Wednesday in comments highlighting the risk of a recession due to the standoff in Ukraine.

Economy Minister Alexei Ulyukayev said that the economy grew just 0.8 per cent in the first quarter of 2014 from activity in the same period last year, but contracted 0.5 per cent from the fourth quarter after seasonal adjustment, Russian news agencies reported.

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