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Panic Buying Amid Pandemic Spurs Russia’s Retail Sector in 1Q20

  • 30 Apr 12:34

Russia’s retail sales rose more than expected in March spurred by panic buying ahead of the lockdown to stem the coronavirus outbreak and as the ruble’s plunge boosted demand for imported goods before shelf prices increased,Reutersreported. Retail sales, the gauge for consumer demand, Russia’s key economic growth driver, rose 5.6% in year-on-year terms in March, above a 2.6% increase predicted in a Reuters poll of economists, the federal statistics serviceRosstatsaid. Economic data on the state of Russia’s economic health is in focus after the central bank last week predicted an up to 6% contraction in the gross domestic product in 2020, while. Read more...