Vladimir Vladimirovich Putin is a Russian politician and former intelligence officer serving as President of Russia since 2012, previously holding the position from 2000 until 2008. He was Prime Minister from 1999–2000 and 2008–2012. Putin was born in Leningrad during the Soviet Union. He studied law at Leningrad State University, graduating in 1975. Putin was a KGB foreign intelligence officer for 16 years, rising to the rank of Lieutenant Colonel before resigning in 1991 to enter politics in Saint Petersburg. He moved to Moscow in 1996 and joined President Boris Yeltsin's administration, rising quickly through the ranks and becoming Acting President on 31 December 1999, when Yeltsin resigned. During his first presidency, the Russian economy grew for eight straight years, and GDP measured in purchasing power increased by 72%. The growth was a result of the 2000s commodities boom, recovery from the post-Communist depression, financial crises, prudent economic and fiscal policies. 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. 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 is officially out of the recession. Putin gained 76% of the March 2018 presidential vote and was re-elected for a six-year term that will end in 2024.