Tuesday, December 16, 2008

Russia's Industrial Output Falls


From the Wall Street Journal:

Russian industrial output plunged in November, exceeding even the most pessimistic expectations and affirming that the country's economic fundamentals are too fragile to fend off fears of a recession. Industrial production, hit by liquidity shortages and falling export demand, slumped an unadjusted 8.7% from November 2007, data released Tuesday by the Federal Statistics Service, or Rosstat, showed.

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It appears that no one, including the largest and most prosperous emerging markets, are immune from the effects of this recession.