Page 62 - RusRPTSept23

4.5.3 Retail sector dynamics
Retail sales in Russia rose by 10% from a year earlier in June 2023, more than market forecasts of a 9.5% surge, following a 9.3% jump in the prior month. It was the third consecutive month of growth in retail activity and at the fastest pace since June 2021. On a monthly basis, retail sales rose by 1.5% in June, after increasing by 2% in the prior month.
5.0 External Sector & Trade 5.1 External sector overview
Russia’s imports have bounced back on the economic recovery. Russian spending on imports was up by more than 30% y/y in the second quarter and slightly higher than two years ago. The rise in the real volume of imports has been somewhat more moderate as import prices have risen quite a bit this year (export prices in many of the countries that export to Russia have risen rather quickly).
"The idea that western export controls can damage Russia's war economy is laughable,” says Robin Brookes, the chief economist at Institute
RUSSIA Country Report September 2023 www.intellinews.com