Russia’s economy shrank for the first time in five months as declines in oil prices rippled through consumption and industrial output, highlighting the risks to a recovery from the country’s recession. Gross domestic product slumped 0.3 percent in November on a seasonally adjusted basis after gains of 0.1 percent in October and 0.3 percent in September, the Economy Ministry said in a report on its website. GDP shrank 4 percent last month from a year earlier. A renewed sell-off in oil is threatening to extend the recession into a second year for what would be Russia’s longest slump in two decades. While GDP contracted at a slower annual pace last quarter, shrinking crude prices remain a challenge to President Vladimir Putin, who said this month that Russia had put the worst of the economic crisis behind it. “The risk of a deeper decline has intensified,” Andrei Klepach, chief economist […]