Russia's industrial output down 16 pct in January

Russia's industrial production shrank by 16 percent in January compared to the same month a year ago, the government statistics agency said Monday.

Industrial output was down even more sharply _ by 20 percent _ compared to December, the Federal Statistics Agency said in a monthly report.

Russia's economy is struggling with plunging commodity prices which have already wiped out 35 percent off the value of the national currency and depleted the country's foreign reserves.

The Kremlin's top economic advisor warned last week that Russia was on the way to run an 8 percent budget deficit this year.