Slump in Russian Economy Slows Down to 0.5% in May

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The slump in the Russian economy slowed down to estimated 0.5 percent in May, Russian Economic Development Minister Alexey Ulyukaev said Tuesday.

(L to R) Italian Prime Minister Matteo Renzi, German Chancellor Angela Merkel, US President Barack Obama, Japan's Prime Minister Shinzo Abe, French President Francois Hollande, Britain's Prime Minister David Cameron, Canadian Prime Minister Justin Trudeau and European Commission President Jean-Claude Juncker take part in a tree planting ceremony on the grounds at Ise-Jingu Shrine in the city of Ise in Mie prefecture, on May 26, 2016 on the first day of the G7 leaders summit - Sputnik International
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STUTTGART (Sputnik) — The minister said he expected the Russian economy to overcome downturn by the end of the second quarter and to resume growth in the third quarter.

"In 2015, the GDP dropped by 3.7 percent, in the first quarter of this year by 1.2 percent and in April by 0.7 percent. We have no final figures for May yet but estimates put the number at about 0.5 percent," Ulyukaev said at a meeting with German businesspeople.

On May 20, Ulyukaev said the Russian economy had been out of recession for some six months.

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