Russia’s GDP contraction widens to 4.2% Apr from 3.4% Mar

MOSCOW, Jun 1 (PRIME) -- Russia’s gross domestic product (GDP) shrank by 4.2% in April on the year compared to a 3.4% contraction in March, the Economic Development Ministry said in a statement Monday.

In January–April, the economic downturn was 2.4% on the year.

The ministry attributed the trend to the accelerating decline of output in processing industry, lower mineral resource output, cargo traffic, construction and trade volumes, and lower contribution from taxes on food and imports.

Decreasing retail sales on the back of real wages’ fall, lower fixed capital investments and deepening of oil and gas exports’ decrease also took their toll upon the economy.

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