During his first presidency, the Russian economy grew for eight straight years, and GDP measured in purchasing power increased by 72%.[7][8] The growth was a result of the 2000s commodities boom, recovery from the post-Communist depression and financial crises, and prudent economic and fiscal policies.[9][10] In September 2011, Putin announced he would seek a third term as president. He won the March 2012 presidential election with 64% of the vote.[11] Falling oil prices coupled with international sanctions imposed at the beginning of 2014 after Russia's annexation of Crimea and military intervention in Eastern Ukraine led to GDP shrinking by 3.7% in 2015, though the Russian economy rebounded in 2016 with 0.3% GDP growth and the recession officially ended.[12][13][14][15] Putin gained 76% of the March 2018 presidential vote and was re-elected for a six-year term that will end in 2024.[16]