Russia, gross domestic product (GDP) for year 2009 we saw that it shrank to 7.9% from the prior year growth of 5.6%, the contraction marked the most on record as a result of oil prices plummeting 77%, which weighed heavily on businesses earnings.

Taking the GDP data into details we see that household spending fell 8.1% while exports minus imports rose 58% last year as fixed capital investment slipped 18.2 percent.

The markets were projecting the nation to contract by 8.5% while the President Dmitry Medvedev has named the year 2009, the hardest year especially as banks were suffering from the worst credit crisis since the Great Depression.