Consumer spending in Russia decreased in November by 12.5%

Russian consumer spending fell by 12.5% in the end of November compared to the same month last year, said by the Center for Macroeconomic Research. The indicator was calculated in nominal accordance. At the same time, in real terms, there was an increase in consumer spending by 3%., Consumer activity increased sharply at the beginning of this month. At the end of the first week, expenses jumped 13.9%. The CMR has improved Russian GDP forecast growth in the last quarter of the year to 3%. The fourth quarter would be completed with economic growth by 2.7% on an annualized basis, as it was previously assumed. Experts from the Center for Macroeconomic Research predict an increase in the GDP of the Russian Federation by the end of 2021 by 4.2%. The review notes moderation in the consumer activity decline. The largest contribution to the Russian gross domestic product growth was made by such sectors as agriculture, industry, and wholesale trade.

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Arseny Kudrin

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