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Russian GDP down by 8.8% in January year-on-year - 2

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MOSCOW, February 24 (RIA Novosti) - Russian GDP fell 8.8% in January 2009 compared with the same period last year, the Economic Development Ministry said on its website Tuesday.

"The main reasons for the economic recession in January 2009 were a considerable reduction of industrial output and investment activity, a drop in construction and slower growth in consumer demand," the ministry said.

Economic Development Minister Elvira Nabiullina earlier said Russia's GDP, adjusted for seasonal factors, fell by 2.4% from December 2008.

Russian exports stood at $20.2 billion in January 2009, down 41% year-in-year.

Adjusted for seasonal factors, investment in fixed capital fell 1.9% in January 2009, a slower decline than December's 3.1%.

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