According to the internationally renowned credit rating agency Standard & Poors (S&P), estimates for the growth of Russia's economy have lowered and the country will spend a second year in recession. S&P suggested that Russia's 2016 economic growth estimation has decreased from 0.3 percent to -1.3 percent, while this rate is expected to decrease from 1.8 percent to 1 percent for 2017.Recalling a 3.7 percent shrinkage in Russia's economy last year, S&P stressed that the country's economy is expected to continue its shrinkage this year as well, and it will spend its second year in recession. "The macro-economic table we have updated for Russia reflects our considerable downside revision regarding the commodity prices. Our previous estimation in September 2015 regarding the Brent crude oil price at $55 is now expected to decrease to $40."S&P also indicated that the same estimation also indicates a decrease from $60 to $45 for 2017. Highlighting the fact that import levels are also expected to decrease for the next period along with the decrease in domestic demand, S&P stressed that Russia's export level will be significantly lower due to low global demand.