Russia`s GDP fell by 2.4% and industrial output decreased 3.5% in January, the economic development minister reported on Friday.

"GDP fell by 2.4% in January," Elvira Nabiullina said at a State Council meeting in Irkutsk, East Siberia.

"Industrial production fell by 3.5% excluding the seasonal factor," she added.

Nabiullina described the economic situation in the country as quite complex, warning that: "Such trends will certainly persist throughout March."

The ministry lowered its GDP forecast to -2.2%, industrial production to -7.4% and investment to -14% earlier this week.
sections: Economics