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Russian output plummets further | Russian output plummets further |
(about 5 hours later) | |
Russia's industrial output plummeted 16% during January from a year earlier, with the sector hit hard by the economic downturn. | |
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 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 24.1% in January from a year earlier, while extraction of raw materials declined 3.6%. | |
Car output dropped 79.7% in January as consumers cut back on spending. |
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