Page 73 - RusRPTApr24

billionaires.” Among the most preferred countries for it they name the USA, Great Britain, Switzerland and Singapore.
4.5.3 Retail sector dynamics
Retail sales in Russia grew by 9.1% from a year earlier in January 2024,
the least in nine months and after a 10.2% advance in the prior month. Monthly, retail sales tumbled by 20.8% in January, after a 16.9% rise in the previous month.
Consumer activity is supported by the growth of real disposable income - at the end of 2023, it increased by 5.4% y/y, which allowed it to approach the 2014 level. Taking into account the high base of last year, the economic growth rate in annual terms will begin to decline in March. Taking into account the combined effects of fiscal and monetary policy, while external uncertainty remains, 2H24 may become a period of noticeable cooling of the economy.
73 RUSSIA Country Report April 2024 www.intellinews.com