Page 76 - RusRPTJul24

passed pre-war levels. This slump after 2014 can be seen as the price of preparing for war. During the years 2014-2022 Russia's economy and budget were made resilient, while the average Russian became poorer.
4.5.3 Retail sector dynamics
Retail sales growth slowed from 11.1% y/y in March to 8.3% in April,
which was weaker than expected (consensus: 10.0% y/y). In seasonally-adjusted terms we estimate that sales were broadly flat in m/m terms. Meanwhile, data released last week showed that industrial production growth edged down a touch from 4.0% y/y in March to 3.9%. A large part of this was driven by a contraction in mining while manufacturing growth accelerated to 8.3% y/y (and expanded by around 1.0% SA m/m for the third month in a row).
76 RUSSIA Country Report July 2024 www.intellinews.com