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Thanks to lower oil price led economic turbulence, Russian Ruble reached new all-time high in 2016, above 85 per Dollar and economy contracted by 3.7% in 2015. Since 1999, Russian economy has contracted only twice in a year, once during great recession of 2009 and second one last year. Economists were expecting close -3.8% decline in GDP.
Last week, has been quite volatile for Ruble, which depreciate more than 10% till Wednesday to reach 85.97 per Dollar but gained slightly less than 10% last two trading days as oil recovered.
Industrial production contracted by 4.5%, much worse than 3.5% decline seen in November. Real wages contracted for 14th consecutive month in December, declining 10% in real terms.
Russia is facing tough economic sanctions due to its annexation of Crimea from Ukraine.
Russian economy is in a tough spot economically, while political confrontation is at highest in decades. Russia is at confrontation with Ukraine, while its bombs Islamic state targets in Syria and Iraq.
Russia's relations with many countries like US, Europe and Turkey stand at worst since the cold war era.
Russian Ruble trading just shy of 80 per Dollar.
