As real disposable incomes in Russia begin to rise again, consumer demand recorded strong growth in January,bne Intellinewsreports. The Russian economy’s consumer segment showed solid improvement in January 2020: growth in retail sales accelerated to 2.7% y/y, volumes of residential housing rose 14.3% y/y and services to the population rose 1.9% y/y, according toRosstat’s monthly report released on February 20. Real wage growth in December accelerated by the highest rate in almost two years (6.9% y/y), BCS GM reported, while the unemployment rate in January remained at post-Soviet lows of 4.7%, down slightly from 4.9% in January 2019. Consumption is. Read more...
A new report by government analysts studies the impact of Russia’s embargo on Western food imports and decreasing incomes, and shows the changes in consumer spending patterns. The fruit and vegetable market has suffered small losses due to the growth of nonindustrial backyard production. Source: Valeriy Melnikov/RIA Novosti The sharp decline in the incomes of Russians, coupled with the introduction of the embargo on Western food imports in 2014, has led to a decline in the quality of consumption: Russian citizens are being forced to switch to cheaper products and spend more on food, experts from the government's analytical center have concluded. At. Read more...
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