Russia Consumer Confidence Q3 2016


Russia: Russian consumers become less pessimistic in Q3

October 7, 2016

Russian households were less pessimistic in Q3 thanks to falling inflation, the gradual recovery in real wages and the stabilization in the ruble. According to the Federal Statistics Service (Rosstat), the consumer confidence indicator increased from minus 26 points in Q2 to minus 19 in Q3. Although the index remains well below the 0-threshold that distinguishes between optimism and pessimism, Q3’s result was the highest since Q4 2014.

Rosstat commented that consumers’ less pessimistic view in Q3 reflected that Russian households’ were more optimistic regarding their current financial situations as well as the country’s current economic situation. In addition, the share of respondents expecting better economic prospects for the country increased compared to the previous quarter. This prompted more consumers to say that now is a good time to purchase big-ticket items.

FocusEconomics Consensus Forecast panelists expect private consumption to contract 0.7% in 2016, which is unchanged from last month’s projection. For 2017, panelists expect private consumption to rebound and expand 1.6%.

Author:, Senior Economist

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Russia Consumer Confidence Chart

Russia Consumer Confidence Q3 2016

Note: Consumer Confidence Index. Values above 0 indicate an optimistic outlook while values below 0 indicate a pessimistic outlook.
Source: Federal State Statistics Service (Rosstat).

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