“GDP in April 2020, according to the Ministry of Economic Development of Russia, decreased by 12% year-on-year,” the document states.
As noted, the introduction of a non-working day regime, as well as negative foreign economic conditions and quarantine measures in the trading partner countries, led to a decrease in economic activity both in the basic industries and in the services sector.
For four months, the agency estimated the decline in GDP at -1.9% year-on-year.
Earlier, the international rating agency Fitch downgraded the forecast for the Russian economy in 2020. Now experts expect a decline of 5% instead of 3.3%.