FX.co ★ Russia’s GDP falls first time in five years

According to the report of Russia’s Ministry of economic development, Russia’s GDP sank 0.5% in November as compared to the same month a year ago. So, economic growth showed a negative print month-on-month for the first time since October 2009. At the same time, the GDP dynamic recorded 0.6% growth just once during 11 months of 2014. The report reads that the negative GDP score in December was caused by contraction in the manufacturing sector, paid services, and net taxes on food and imports. Besides, shrinking construction sector, wholesale trade and agriculture made an adverse impact on GDP growth.