Page 49 - RusRPTDec21

Extraction of minerals – 10.7%; Agriculture – 10.3%; Manufacturing industries – 10%.
Wages in transportation and storage increased by 9.5%, while those in public administration increased by 8.8%. Salaries in education rose by 6.4%, while those in health care fell by 0.9%. Analysts said that revenues in this sector of the economy surged dramatically during the pandemic, thus the indicator for the third quarter compared to 2020 does not seem to be as favorable. According to the report, the wage bill (businesses’ spending for employee pay) increased by 13.8% year on year in the third quarter of 2021.
4.5.3 Retail sector dynamics
Retail sales in Russia surged 5.6% year on year in September of 2021,
accelerating from a 5.3% increase in the previous month, above market expectations of a 3.8% rise. On a monthly basis, retail sales declined 1.5%, after a 3.4% gain in August.
Retail sales turnover added +5.3% y/y in August, with non-food advancing +7.5% y/y and food being up +2.8% y/y. The August print exceeded the Bloomberg consensus estimate of +4.9% y/y.
Retail sales momentum – the seasonally adjusted monthly growth – was
49 RUSSIA Country Report December 2021 www.intellinews.com