Russia's economy shrank 1.9% in the first quarter under pressure from low oil prices and Western sanctions, the state statistics agency said today, a smaller contraction than earlier expected.
Russian Prime Minister Dmitry Medvedev last month estimated that the economy had shrunk by 2% year-on-year in the first quarter.
Its Economy Minister Alexei Ulyukayev said the contraction could reach 2.2% over the same period.
Economic output had expanded 0.4% in the last three months of 2014, according to official data.
Analysts said the best that can be said about Q1 GDP data from Russia is that the economy has avoided outright collapse and is, instead, merely on the cusp of recession.
Russia's economy has been hit hard by plunging oil prices and several rounds of Western sanctions over Moscow's meddling in Ukraine.
President Vladimir Putin has said the worst is over for the Russian economy and the government expects the country's economy to return to growth already next year.
After the shock collapse in the rouble last year, the currency has bounced back somewhat in recent months.
The European Bank for Reconstruction and Development, however, predicted earlier this week that Russian output would shrink 4.5% this year and 1.8% in 2016.
