Recession-hit Russia economy shrinks in Q3

Russia's economy shrank 4.3 percent in the third quarter this year, the government said Monday, as a recession caused by low oil prices and Western sanctions over Ukraine continued to take its toll.

Deputy economy minister Alexei Vedev told Russian news agencies that preliminary estimates put the year-on-year drop in gross domestic product for the third quarter at 4.3 percent, slowing to 3.8 percent in September from 4.6 percent in August.

Officials in Russia are struggling to breathe life into the economy as the ruble has dropped precipitously in value and inflation and poverty have risen sharply. Overall, the economy dropped 3.8 percent for the first nine months of the year, Vedev said.