Russian GDP contracts for 1st time since 2009

Russia's gross domestic product (GDP) has been negative in November, the first time since the fall of 2009, the Economic Development Ministry said Monday.

"In November, the first time since October 2009, Russian GDP contracted by 0.5 percent year-on-year," the ministry said in a statement.

According to the statement, the shrink was mainly due to negative trends in construction sector, agriculture and falling wholesale trade.

In the past 11 months of 2014, the Russian economy has grown by 0.6 percent, the statement added.

Earlier this month, Economy Minister Alexei Ulyukayev said the Russian GDP would contract by 3 percent in 2015 if global oil prices remain at 60-U.S. dollar-per-barrel level and will grow by 0.8 percent if oil hovers at 80 dollars.

Also on Monday, President Vladimir Putin signed a decree increasing bank deposit insurance by 100 percent, from 700,000 to 1.4 million rubles (approximately from 11,600 to 23,200 dollars).

The insurance is payable by the Deposit Insurance Agency in cases when a bank is unable to fulfill its obligations to clients.

The Russian Central Bank has withdrawn licenses from 92 banks in 2014.

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