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. Last Updated: 07/27/2016

Economy Shrinks

MOSCOW -- The Russian economy shrank in the second quarter, after stagnating in the first, as high interest rates and falling commodities prices slowed the pace of new investment.

Russian gross domestic product fell 0.9 percent in the second quarter compared with the same period last year, after showing no change in the first quarter, according to preliminary data by the State Statistics Committee. The economy shrank by 0.5 percent in the first six months of this year compared with the same period last year, the committee reported.