UPDATE 2-Russia real economy cut deep as GDP tumbles

Newswire

* Russia's GDP contracts 8.8 percent in Jan y/y - EconMin * Blames fall in industry output, building, consumer demand * Many sectors see double-digit output, sales declines (Recasts with ministry's data, comments, background) MOSCOW, Feb 24 (Reuters) - Russia's economy shrank 8.8 percent in year-on-year terms in January, making it one of the worst months on record as turmoil in everything from industry to retail pushed the oil-rich country towards recession. In its official ...

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