Russian industrial output down 14.8% in first half of year

Russia’s official statistics agency, Rosstat, said on 16 July that industrial output  was 14.8% lower in the first six months of 2009 than it had been in the first six months of 2008. The only supposedly positive sign was that the rate of slowdown in June had eased (to 12.1% year on year, compared to 17.1% in May).

The deputy minister of industry was reported in Vedomosti saying that the situation in the banking sector had stabilised, but that the banks aren’t lending to real business – which sounds eerily familiar.

Vedomosti’s report (IN RUSSIAN) is here:

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