New low for industrial production
Russian industrial production in January dropped 16 percent year-on-year, which is the most dramatic drop in the country in 15 years.
The bad results come after a 10,3 percent production decline in December and a 8,7 percent decline in November. Not since October 1994 has the Russian industrial production dropped at such a speed, Newsru.com reports. The negative development is now seen in all industrial sectors. The situation is worst in the processing industry which in the period dropped as much as 24,1 percent. Russian manufacturers of cars produced 79,7 percent less cars than one year ago. Tractor producers decreased output with 91,1 percent.
