Russia’s recession deepens as economy contracts 4.6%

[uhnope]

Source: Financial Times

Russia’s recession deepened in the second quarter of 2015, marking a sharp contrast with robust growth in much of eastern Europe, figures released prematurely by Rosstat, Moscow’s statistics service, on Monday showed.

Russia’s gross domestic product declined 4.6 per cent year-on-year in June, a fraction worse than the consensus forecast of 4.5 per cent and a sharp acceleration from the 2.2 per cent year-on-year fall recorded in the first quarter.

The country’s economy is now contracting at the fastest pace since the depths of the 2008-09 global financial crisis as it continues to be buffeted by low oil prices, sanctions imposed by the west in the wake of the Ukraine crisis and fiscal austerity driven by a sharp decline in tax revenues.

Seasonally adjusted quarter-on-quarter data are not due to be released until later this month, but Capital Economics estimated that the Russian economy contracted 2.5 per cent quarter-on-quarter in Q2, almost double the 1.3 per cent rate seen in the previous three months, and again the highest figure since 2009

Read more: http://www.ft.com/cms/s/3/8e640b2e-3f71-11e5-b98b-87c7270955cf.html#axzz3iSeJ0nWm

[msongs]

1. EU and Obama's war on russia seems to be working...until russia decides to lash back nt

[Marksman_91]

2. Putin put himself in that situation by supporting separatists and invading Crimea

Now he's facing the consequences for it. Why not criticize his government's efforts in trying to destroy food products from Europe and the U.S.?

[Hortensis]

8. Exactly, Marksman. Adrahil, let's add antifeminism to the list? It's huge in Russia.

[Adrahil]

3. Yeah, poor widdle wussia...

They just wanna rebuold a wussian empire. What's wrong with that?

Xenophobia, nationalism, militarism.... All on schedule.

[elias49]

4. You said it!

Lots of those things here: xenophobia, nationalism and militarism.
Thanks for pointing that out.
I hear echoes of Peter King, Homeland Security committee chair.

[Adrahil]

5. Hey, We didn't open an a "military Disneyland"

http://www.cnn.com/2015/06/17/europe/russia-military-theme-park-reporters-notebook/

Just sayin'...


I really love the glorification of mass murderer Josef Stalin too.....

[elias49]

6. A wittle off point.

If you keep spewing Republican talking points, people will start to wonder.
It's a weally, weally complicated world.
Not bwack and white..

[Adrahil]

7. Sure it is. But it's not complicated to see what you and your ilk are doing. nt

[NuclearDem]

10. Some of us criticize both.

Some, on the other hand, criticize one but not the other. That's quite unprincipled.

[phleshdef]

9. Don't forget institutionalized persecution of LGBT folks.