Russia: Consumer confidence deteriorates in Q3
October 7, 2013
The consumer confidence index published by the Federal State Statistics Service (Rosstat) inched down to minus 7.0% in the third quarter, down from the minus 6.0% observed in Q2 2013. The reading marks the first decline after three consecutive periods of improvement in the index. The moderation in Q3 was broad-based, as all of the five categories that comprise the index fared worse compared to the previous quarter. In particular, respondents to the survey have a worse opinion regarding the current state of the Russian economy and appear to be increasingly worried regarding the future economic prospects of the country. Accordingly, prospects for large purchases deteriorated over the previous quarter. FocusEconomics Consensus Forecast panelists expect private consumption to grow 4.5% in 2013, which is down 0.1 percentage points from last month's projection. Next year, panelists expect private consumption to grow 4.6%, which is down 0.2 percentage points from last month's projection.
Author: Armando Ciccarelli, Head of Data Solutions