Russia's economy shrank 10.1 per cent in the first half of this year, the economy minister said yesterday, its worst decline since the early 1990s.
The credit crunch, falling commodity prices and a gradual rouble devaluation have shattered 10 years of rapid growth but there are signs that the pace of economic decline is slowing.
Industrial production contracted at its slowest year-on-year pace in six months. At 12.1 per cent in June the fall was less than government forecast and an improvement on May's 17.1 per cent fall in output.
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