Russian industrial output down first time in six years

Russian industrial output in Russia shrank by 3.4% – the first  drop in 6 years –  the state-run Rosstat statistics service  reported yesterday. The slump, which was partly triggered by a combination of  weak oil prices and a dramatic drop in the value of the rouble, was sharper than  the 3.3% previously  predicted by the Economic Development Ministry.
One of the steepest drops occurred in the manufacturing industry, where year-on-year output dropped by 5.4%. Food production meanwhile increase Russian agribusiness moved to counter the ban on Western imports, with pork and cheese production up 12.9% and 17.1% respectively.