SCW NEWSWATCH: "Russian Economy Shrank 8.5% in Second Quarter - Official Data; Fall in GDP is less severe than government and Central Bank feared" - AFP/ Barron's 8.13.20

"Russia's economy contracted ... 8.5% year-on-year in the second quarter, the state statistics agency [Rosstat] said ... in its first assessment of the impact of ... coronavirus and an oil crisis. GDP fell in 'all areas of the economy except agriculture' ... Rosstat ... said ..., with passenger transport down 79% and the services industry down 37.2% The sharp drop came after 1.6% growth in the first quarter. ... Russia had hoped 2020 would see an economic revival bolstered by massive state projects to modernise infrastructure. ..."

Click here for: "Russian Economy Shrank 8.5% in Second Quarter - Official Data; Fall in GDP is less severe than government and Central Bank feared" - AFP

Kremlin, St. Basil's, Red Square at Night