According to the official data from Russia’s Finance Ministry’, the country’s GDP fell 28 percent in April compared to the same month last year. The value of the economy’s output fell 2.4 trillion ruble ($33 billion) in April 2020 compared with April 2019. “Around a third of the loss can be attributed to the crash in oil prices, while two-thirds comes from the effects of Russia’s “non-working period,” said Victor Tunyov, analyst at Agidel Asset Management, referring to the lock down period.
Prime Minister Mikhail Mishustin declared in a televised meeting that the government will propose a “national action plan for economic recovery” in the near future, while the Economy Ministry said economic activity was already beginning to pick up.
