Aug. 11 (Bloomberg) -- Russia’s economy contracted the most on record last quarter as rising unemployment sapped consumer demand, bank lending stalled and the government was slow to respond with support measures.
Gross domestic product contracted an annual 10.9 percent in the second quarter.
Russia’s economic decline is worsening after output contracted 9.8 percent in the first quarter, ending 10 years of expansion that averaged close to 7 percent.
“We can’t develop like this any longer,” President Dmitry Medvedevsaid yesterday during a meeting with political party leaders in the Black Sea resort of Sochi. “It’s a dead end. And the crisis has placed us in a situation where we will have to make decisions on changing the structure of the economy.”
Для сравнения у нас (Latvia):
Aug. 10 (Bloomberg) -- Latvia’s economy shrank an annual 19.6 percent last quarter, the European Union’s second-steepest output slump after neighboring Lithuania, as manufacturing and retail sales plunged.
Latvia’s economy, the fastest growing in the EU in 2006, is now suffering as the Baltic region, which includes Lithuania and Estonia, sinks into the severest recession in the 27-nation bloc.
У соседей (Lietuva):
Lithuania’s GDP contracted a preliminary 22.4 percent in the second quarter.
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