Russia: Consumer confidence unchanged in Q1 2014, remains at 3-year low
April 9, 2014
The consumer confidence index published by the Federal State Statistics Service (Rosstat) remained at minus 11.0% in the first quarter, which was the same level tallied in Q4 2013. As a result, the index still sits at the lowest level since Q1 2011.
The result came on the back of a stable outlook for the economic situation in Russia in the short term. However, expectations regarding changes in the economic situation in the long term worsened. In addition, consumers' perception of their future financial situation deteriorated in the first quarter. By contrast, consumers were more optimistic regarding their current personal financial situation, although it didn't show an impact in their intentions of large purchases; the indicator for big-ticket item purchases deteriorated in Q1 2014.
FocusEconomics Consensus Forecast panelists expect private consumption to grow 2.3% in 2014, which is down 1.0 percentage points from last month's projection. For 2015, panelists expect private consumption to expand 2.8%.