Russia: Consumer confidence falls to lows last seen in 2009
April 9, 2015
The consumer confidence indicator elaborated by the Federal Statistics Service (Rosstat) plummeted from minus 18% in the fourth quarter of 2014 to minus 32% in the first quarter. Q1’s result marked the lowest confidence level since Q2 2009.
According to Rosstat, all the components of the index registered substantial deteriorations in Q1 compared to Q4, notably households’ assessment of their current financial situation and the current overall economic situation. Expectations also weakened over the previous quarter, although the weakening was less pronounced this time. The survey also showed that consumers’ muted inflation expectations, low propensity to buy and increasing fears or rising unemployment.
Author: Ricardo Aceves, Senior Economist