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rdf:type	schema:NewsArticle
schema:articleBody	Russia said Monday that its economy contracted by 3.1 percent in 2020 as the oil producing nation was hit by coronavirus lockdowns and a plunge in global crude prices. The drop was less severe than Russian authorities had expected however, as the central bank had forecast a contraction of about 4.0 percent. The Rosstat statistics agency attributed the drop to "restrictions imposed to combat the coronavirus and the fall in global demand for energy resources". The 3.1 percent drop, a first estimate, was also a relatively good result compared with many European countries that reintroduced lockdowns when a second wave of infections surged late last year. Spain saw an 11 percent drop, France 8.3 percent and Germany 5.0 percent. Russian authorities, who imposed a six-week lockdown in the spring, ruled out another lockdown even though the country was battered by a second wave of infections late in the year. Rosstat said the Russian economy's largest losses were recorded in the hospitality, transport, culture and sport sectors. Although Rosstat did not publish quarterly figures, the economy is expected to have rebounded by 7.4 percent in the last three months of the year following a steep drop from April through September. Before the pandemic hit Russia in March, its economy had grown by 1.6 percent in the first quarter from the same period in 2019. President Vladimir Putin had hoped 2020 would present an opportunity to revive a stagnating economy that for years has been bruised by Western sanctions. But oil prices plunged sharply in early March, slashing Russia's energy revenues. On Monday, Russia's coronavirus caseload stood at more than 3.8 million, the fourth-highest worldwide. apo-emg/wai/rl
schema:headline	Russian economy shrinks by 3.1% in pandemic-hit 2020
schema:mentions	World energy consumption Spain President of Russia Germany Lockdown Russia Vladimir Putin Pandemic France Severe acute respiratory syndrome coronavirus 2 1980s oil glut Economy of Russia Russian Federal State Statistics Service The Drop (film)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-01 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	60 (xsd:integer)

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