Russia: Retail sales pick up to almost three-year high
October 20, 2011
In September, retail sales expanded 9.2% over the same month last year. The reading came in above the 7.8% expansion recorded in the previous month and marked the strongest result since October 2008, in addition to beating market expectations of an 8.5% rise. On a monthly basis, retail sales contracted a non-seasonally adjusted 0.4% over the previous month (August: +3.8% month-on-month). Following the improvement in annual figures, the trend picked up, with annual average growth in retail sales inching up from 6.5% in August to 6.6% in September and thus bucking the downward trend in place since April this year.
Author: Armando Ciccarelli, Head of Data Solutions