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...
Russian largest retail chains recorded a sharp growth in demand for cereals, pasta, canned foods, detergents, and other durable commodities. Retailers believe such an increase in sales is due to the panic caused by coronavirus spread, as well as the ruble's collapse.The retailers deny the possibility of goods shortage and the introduction of purchase restrictions, reports TASS news agency. The companies started buying more basic food necessities in the wake of increased demand. We are working on placing more goods on the shelves of the stores so that the customers felt no discomfort, including by increase of the wholesale. Read more...
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