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Russia's industrial output fell 16%, year-on-year, in January 2009, the country's
Russia's industrial output fell 16%, year-on-year, in January 2009, the country's top statistics body said on Monday.

Compared with December, industrial production in January was 19.9% lower, the State Statistics Service said.

The Economic Development Ministry previously forecast that production would fall 3.2% in 2009 with an average oil price of $50 per barrel, but later substantially revised its forecast downward as the projected oil price fell to $41 per barrel and the global financial crisis continued.

According to a new government projection, which has yet to be officially approved, production will decline 5.7% this year.

Coal, oil, and natural gas production was down year-on-year in January 17.7%, 0.8%, and 10.5%, respectively.


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