Russia shows signs of recession

The Russian economy contracted by 0.5% in November, the first fall in national output - Gross Domestic Product - since October 2009, official figures showed. The Russian government expects a 0.8% decline in GDP this year, compared with 0.6% GDP growth in 2014.

The rouble fell to a rate of 57 to the dollar on Monday, a fall of more than 6%, after some gains last week. Russia's economy, heavily reliant on energy exports, has been hit by the oil price slump and Western sanctions.

The sanctions, imposed because of Russian support for separatists in eastern Ukraine, target the oil and gas industries and banks, arms manufacturers and the wealthy elite close to President Vladimir Putin. Russia blocked most imported Western food in retaliation for the measures. The rouble lost half its value against the dollar last year.

The Russian Ministry for Economic Development said the manufacturing, construction, agriculture and service sectors all contracted in November.

 - BBC