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2016-01-26 19:05:00

RUSSIAN ECONOMY WILL SHRINK

RUSSIAN ECONOMY WILL SHRINK

Alfa Bank, one of Russia's largest private lenders, cut its estimate for the nation's growth in 2016 as the selloff in oil has given the world's largest energy exporter a "worse than expected" start to the year.

The economy will shrink 1.5 percent this year, Alfa Bank's Natalia Orlova said in a report on Monday, cutting her previous forecast for an expansion of 0.3 percent. The call follows a string of recent growth downgrades by economists and comes as capital investment to retail sales slumped in December, while full-year data showed gross domestic product in 2015 shrank the most in six years.

 

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Tags: RUSSIA, ECONOMY, OIL, GAS, PRICES

Chronicle:

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U.S. TRADE DEFICIT $49.4 BLN

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U.S. RIGS DOWN 10 TO 1,012

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