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Russian GDP falls for first time in five years

Russia’s economy contracted last month for the first time in five years amid the sharp fall in oil prices and the collapse of the rouble.

Gross domestic product shrank by 0.5 per cent in November compared to the same month last year, the economy ministry said on Monday, as the slide in Russia’s currency resumed. The collapse had been halted with a series of robust government support measures over the previous 10 days.

The rouble weakened by 5.4 per cent, closing at 57.1 against the dollar in Moscow.

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