Russian economy contracts



Russian gross domestic product (GDP) shrank by 12 percent year-on-year in April due to coronavirus-related restrictions, the economic development ministry said.
The decline in economic activity was caused by the paid leave for all Russians and the negative economic conditions abroad, the ministry said in a monthly report.
Retail trade turnover fell by 23.4 percent year-on-year mainly due to a nosedive in the non-food products segment, which plummeted by 36.7 percent year-on-year in April after a 6.4-percent rise in March.
Industrial production last month decreased by 6.6 percent year-on-year due to the quarantine measures and a reduction in external demand for Russian goods.
Unemployment, excluding seasonal factor, for the first time since June 2016 reached 5.6 percent of the workforce in April after 4.5 percent in March.—Xinhua