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| Russia retailers get $44 billion September boost | |
| (about 7 hours later) | |
| Higher real wages have been motivating households to spend more, statistics show | Higher real wages have been motivating households to spend more, statistics show |
| Сonsumer demand in Russia has been growing steadily on the back of higher real wages and record-low unemployment, according to data from Russia’s Tax Service and statistics agency Rosstat. | Сonsumer demand in Russia has been growing steadily on the back of higher real wages and record-low unemployment, according to data from Russia’s Tax Service and statistics agency Rosstat. |
| Statistics showed that in the third quarter of this year, households spent 81.9% of their income on goods and services, compared to 79% a year ago. | Statistics showed that in the third quarter of this year, households spent 81.9% of their income on goods and services, compared to 79% a year ago. |
| Retail trade turnover in September rose 12.2% annually, surpassing market expectations and amounting to over 1 trillion rubles (over $44 billion). Data shows that retail sales, a key gauge of consumer demand, this summer surpassed levels last seen before the West’s major expansion of Ukraine-related sanctions early last year. | Retail trade turnover in September rose 12.2% annually, surpassing market expectations and amounting to over 1 trillion rubles (over $44 billion). Data shows that retail sales, a key gauge of consumer demand, this summer surpassed levels last seen before the West’s major expansion of Ukraine-related sanctions early last year. |
| Economists forecast that retail turnover in Russia will grow by 5.2% in 2023 after falling by 6% in 2022. However, by the end of the year, consumer activity may start to fade amid rising deposit and lending rates, experts have warned. | Economists forecast that retail turnover in Russia will grow by 5.2% in 2023 after falling by 6% in 2022. However, by the end of the year, consumer activity may start to fade amid rising deposit and lending rates, experts have warned. |
| Rosstat data showed that the real cash income of the Russian population in the third quarter of 2023 increased by 4.9% in annual terms when considering inflation. Real disposable income, excluding mandatory payments, was also up by 5.1%. At the same time, unemployment in the country remains at a record low level of around 3% despite a lack of workers reported on the labor market. | Rosstat data showed that the real cash income of the Russian population in the third quarter of 2023 increased by 4.9% in annual terms when considering inflation. Real disposable income, excluding mandatory payments, was also up by 5.1%. At the same time, unemployment in the country remains at a record low level of around 3% despite a lack of workers reported on the labor market. |
| For more stories on economy & finance, visit RT’s business section | For more stories on economy & finance, visit RT’s business section |
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