Page 89 - RusRPTJun24

4.5.2 Income dynamics
4.5.3 Retail sector dynamics
The significant wage hikes of 2023 are unlikely to repeat this year and growth in private consumption slows down. Furthermore, lending criteria have been tightened as part of the Central Bank of Russia’s macrostability targets. These targets, however, are subject to the wartime economy and the related need for maintaining social cohesion reports BOFIT.
Retail Sales in Russia increased 11.10 percent in March of 2024 over the same month in the previous year. Retail Sales YoY in Russia averaged 3.97 percent from 1994 until 2024, reaching an all time high of 36.30 percent in April of 2021 and a record low of -22.00 percent in April of 2020.
89 RUSSIA Country Report June 2024 www.intellinews.com