Page 51 - RusRPTNov23

4.5.2 Income dynamics 4.5.3 Retail sector dynamics
Consumption in Russia surpasses the pre-crisis 2021 levels. Retail turnover in Russia in July exceeded the figures of two years ago by 1.2% adjusted for inflation, according to the data of the audit and consulting company FinExpertiza. Experts believe that this was due to the growth of household incomes and the gradual shift away from the saving model of behaviour, which was typical for 2022.
Russians' consumer activity continued to rise in August and September, but the rate declined, the central bank said on Wednesday. Economic activity continued to expand in the majority of industries. For instance, car manufacturers in the northwest of the country and the Urals raised production. Sea transportation increased in the reporting period. The gross harvest of some crops is to approach a record of 2022 in 2023 according to preliminary estimates. At the same time, labour force deficit supported fast salary growth.
51 RUSSIA Country Report November 2023 www.intellinews.com