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.
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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.
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