Russia: Consumer confidence continues to recover but remains downbeat in Q2
The consumer confidence index, published by the Federal Statistics Service (Rosstat) on 28 June, rose to minus 18 points in the second quarter of this year, from minus 21 points in the first quarter of this year. Although the print marked the best reading since Q1 2020, it remained entrenched well below the 0-point threshold, where it has been since Q3 2008, signaling that pessimists continued to outnumber optimists in the Russian economy.
Looking at the details of the release, the overall improvement came chiefly on the back of increased assessment of changes in the Russian economy over the past year. In addition, rising propensity to make large purchases and improved perception of changes in personal financial situation also bolstered the result. That said, consumers’ sentiment towards the expected changes both in the economic situation in Russia and in their personal financial situation remained unchanged.