Russia: Consumer confidence inches up in fourth quarter
January 11, 2011
The consumer confidence index, published by the Federal State Statistics Service (Rosstat), stepped up from minus 11.0% in the third quarter to minus 10.0% in the fourth quarter. The reading marked an improvement compared to the 4 percentage points drop recorded in the third quarter, when the confidence gauge dropped after four consecutives quarters of improvement. Russian consumers were more upbeat about the economic situation, in particular, about the short-term (12 months) prospects, which jumped by 3.5 percentage points from minus 4.0% in the third quarter to minus 0.5% in the fourth. However, respondents to the survey were less upbeat about their personal financial situation. In particular, the sub-index related to expectations in the following twelve months deteriorated, stepping down from minus 5.0% to minus 6.0%. Finally, Russian consumers maintained their opinion on the likelihood of making large purchases, while fewer respondents to the survey saw this as a convenient time for saving.
Author: Armando Ciccarelli, Head of Data Solutions