Analysts from the Ministry of Economic Development and the Center for Macroeconomic Analysis and Short-Term Forecasting (TSMAKP), whose data is cited by RBC , found that the growth rate of consumer activity in Russia slowed down in the second quarter of 2024.
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According to the results of the study, total turnover, which aggregates the volumes of retail trade, paid services to the population and public catering turnover, shows a slowdown in growth since the end of winter. In February 2024, this figure increased by 9.8% compared to the same month last year, in March – by 8.5%, in April – by 7.3%, in May – by 6.6%, and in June – by 5.6%.
According to the Ministry of Economic Development, in June consumer activity remained at a high level, but a slowdown trend became noticeable. Over three quarters, the rate of consumer activity decreased by almost half: from 12.6% in the third quarter of 2023 to 6.5% in the second quarter of 2024.
The aggregated indicator “consumer expenditures”, calculated by the Center for International Relations, showed similar dynamics. The growth rate of consumer spending fell from 9.9% in February to 5.5% in June, and in quarterly terms – from 12.5% in the third quarter of 2023 to 6.6% in the second quarter of 2024.
The Ministry of Economic Development noted that although consumer activity is slowing down, the level remains high, which indicates continued consumer interest and consumption at a significant level.
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