Russian economy beaten down by oil prices

Russian economy beaten down by oil prices

Russian economy beaten down by oil prices The decline in oil prices continues to hit Russia’s economy which is heavily dependent on commodities. Retail sales were down 8.1 per cent in the first seven months of 2015 and GDP was down 3.4 per cent in the first half of the year according to data released Wednesday. The rouble has dropped 13 per cent in the last few months and analysts expect the country’s recession to continue for some time.