Russia’s industrial production plunged 20 per cent in January, a fall that could herald a much larger than expected drop in GDP this year, economists fear.
The decline was its largest month-on-month drop since records began seven years ago.
“The horrendous industrial production data in January have left no doubt that the economy has come to a screeching halt,” said Ivan Tchakarov, chief Russia economist for Nomura, the investment bank.
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