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Russia's Industrial Output Drops Nearly 20 Percent

Russia's industrial output plunged nearly 20 percent in January from December, as the country experienced its worst economic slump in a decade.

Figures released Monday by the federal statistics service indicated a month-to-month drop in industrial output of 19.9 percent.

The largest slumps were recorded in steel, cement and automobile production as worldwide demand eroded for cars, trucks and construction material.

Russia's economy has also been hit by the fall in the price of oil.

Economists are also worried by massive capital amounts of investment leaving the country. The government has pledged more than $200 billion to shore up Russia's economy since the world financial turmoil spread in September.

Some information for this report was provided by AFP