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  4.5.3​ Retail sector dynamics
       Rosstat data for September related to consumer demand (retail sales and wages) was weaker than expected. ​Both retail sales for September (​3.0% y/y) and real wages for August (+0.1% y/y) not only fell short of the Bloomberg consensus estimates (​2.1% y/y and +1.4% y/y respectively), but were below the lower bound of the respective confidence intervals made of standard deviations around the consensus' mean estimates.
Industrial production (​5.0% y/y) and car sales (+3.4% y/y), on the contrary, delivered positive surprises. The former is only due to Rosstat having revised the IP data for 2019​20, whereas the latter is associated with front​loaded demand against the backdrop of the ruble depreciation. Hence, the latter is temporary in nature.
 48 ​RUSSIA Country Report​ December 2020 www.intellinews.com
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