This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-35398423

The article has changed 5 times. There is an RSS feed of changes available.

Version 0 Version 1
Russian economy contracted 3.7% in 2015 Russian economy hit by oil price slide
(about 1 hour later)
Russia's economy contracted by 3.7% in 2015, according to preliminary figures published by the country's statistics service.Russia's economy contracted by 3.7% in 2015, according to preliminary figures published by the country's statistics service.
Retail sales plunged by 10% and capital investment fell by 8.4%. Retail sales plunged by 10% and capital investment fell by 8.4% in the economy's worst performance since 2009.
In contrast, Russian GDP increased by 0.6% in 2014.
The economy has been hit hard by the extraordinary collapse in oil prices, which have fallen by 70% in the past 15 months.The economy has been hit hard by the extraordinary collapse in oil prices, which have fallen by 70% in the past 15 months.
Sanctions imposed by the West after Russia annexed Ukraine's Crimea region in 2014 have also had an impact.Sanctions imposed by the West after Russia annexed Ukraine's Crimea region in 2014 have also had an impact.
Prime Minister Dmitry Medvedev warned earlier this month that the fall could force Russia's 2016 budget to be revised.Prime Minister Dmitry Medvedev warned earlier this month that the fall could force Russia's 2016 budget to be revised.
Finance minister Anton Siluanov said that the Russian budget could only be balanced with oil at $82 a barrel. President Vladimir Putin said in December that the budget had been calculated based on oil at $50 a barrel. Oil is currently trading at just over $30 a barrel.
Oil was trading at below $30 a barrel early last week.
Taxes from oil and gas generate about half the Russian government's revenue.Taxes from oil and gas generate about half the Russian government's revenue.
The rouble fell to record lows against the US dollar last week, before regaining some ground as oil prices recovered slightly.The rouble fell to record lows against the US dollar last week, before regaining some ground as oil prices recovered slightly.
The currency was down more than 1% on Monday at 78.87 after oil prices fell about 3%.
Economy minister Alexei Ulyukayev said he expected the Russian central bank to leave interest rates on hold at 11% when it meets on Friday.Economy minister Alexei Ulyukayev said he expected the Russian central bank to leave interest rates on hold at 11% when it meets on Friday.
Elvira Nabiullina, the head of the central bank, said last week that authorities had "all the means" needed to keep the economy stable.
Unemployment in Russia was steady at 5.8% in December, meaning that 4.4m people were out of work.
Despite the gloomy economic news, fast food giant McDonald's said on Monday it planned to open more than 60 restaurants in Russia this year.
Khamzat Khasbulatov, chief executive of McDonald's Russia, said sanctions and the weak rouble had forced the US company to make "serious adjustments" to its business model, but focusing on local suppliers and affordable menus had proved successful.
"We have seen significant growth of our market share as we continued expansion," he said. "The development of local supply has played a big role in supporting our profitability."