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Russian output plummets further Russian output plummets further
(about 5 hours later)
Russia's industrial output plummeted 19.9% during January compared with the month before, with the sector hit hard by the economic downturn. Russia's industrial output plummeted 16% during January from a year earlier, with the sector hit hard by the economic downturn.
In comparison with January 2008, output dropped 16%. This is the biggest annual drop since October 1994. This was the biggest annual drop since October 1994 and followed a 10.3% fall in December.
It is even bigger than in September 1998, a month after the beginning of Russia's severe financial crisis.It is even bigger than in September 1998, a month after the beginning of Russia's severe financial crisis.
Russian officials have already warned the growth in 2009 will be close to zero after a decade of economic boom. Russian officials have already warned that growth in 2009 will be close to zero after a decade of economic boom.
The Russian economy has been hit by the fall in the price of oil, which ended 2008 below $50 a barrel, having hit record highs of $147 a barrel in July.The Russian economy has been hit by the fall in the price of oil, which ended 2008 below $50 a barrel, having hit record highs of $147 a barrel in July.
Manufacturing slumped 32.7% in January from the month before, while extraction of raw materials declined 3%. Manufacturing slumped 24.1% in January from a year earlier, while extraction of raw materials declined 3.6%.
Car output dropped 79.7% in January from a year earlier, as consumers had reduced spending dramatically. Car output dropped 79.7% in January as consumers cut back on spending.