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Russia's GDP grew 1.6% in November - economics ministry

MOSCOW, December 30 (RIA Novosti) - Russia's GDP grew 1.6% in November, but dropped by 0.7% when adjusted for seasonal factors, the Economic Development Ministry said on Tuesday.

"The indication of the negative consequences of the global financial crisis on Russia's economy grew in November. GDP growth was 1.6% after 6.9% in September and 5% in October on the same period last year," the ministry said.

"Since July there has been a decline once seasonal factors are excluded, in November it was 0.7%," the ministry said.

Industrial output fell 7.5% in November, the second consecutive monthly decline, the ministry reported.

"The industrial production index was 91.3% in November 2008 against November 2007, which means a 7.5% output decrease as compared to October, excluding seasonal factors," the ministry's monitoring report read.

The ministry said this was the result of a recession in manufacturing industries, as well as electricity, gas and water production and distribution.

Presidential aide Arkady Dvorkovich predicted last week that Russia's GDP would grow about 2% in 2009 while inflation would be 10-12%.

Russian Economic Development Minister Elvira Nabiullina earlier forecast Russia's GDP growth for 2009 at 2.4%.

According to the ministry's preliminary forecast, Russia's GDP in January-November grew 6.5%.

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