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 Russia's industrial production contracted by 4.7 per cent last month, - Financial Times

Industrial production in Russia contracted by 4.7 per cent in July, according to figures released on Monday.

Censor.NET reports citing the Financial Times.

Although the 4.7 per cent contraction represents a marginal improvement on the 4.8 per cent slump recorded the previous month, the figure highlights the extreme difficulties facing the recession-ravaged Russian economy which has been battered by falling oil prices, a plunging rouble and Western sanctions over the Ukraine crisis.

Recent figures showed Russia's recession deepened in the second quarter, with GDP slumping 4.6 per year-on-year during the three month period. The July industrial production figures will encourage little hope of a vast improvement in the third quarter.

Read more: 600 tons of banned products destroyed in Russia

The rouble has once again been on the slide today as it has been swept up in a number of emerging market currencies that have fallen as the dollar strengthens and the possibility of a US interest rate rise draws nearer.

To add to the currency's woes, oil prices are once again trading near six-year lows.

The rouble has fallen 45 per cent against the dollar in the last 12 months.

Источник: https://en.censor.net.ua/n348092