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Russia’s GDP Contracts 8.5% in Q2 of 2020

M. Ali 12 August, 2020 2:05 am Market Update

The Russian economy contracted by 8.5% on an annual basis during the second quarter (Q2) of 2020, official data showed on Tuesday.

The economic downturn came amid the coronavirus (COVID-19) outbreak, with lockdowns and preventive measures casting their shadows economic activities.

Next year, Russia’s gross domestic product (GDP) is expected to decline by 4.5% to 5.5%, with the economic recovery set to take place in 2022.

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