Russia: Consumer confidence steps down in first quarter
April 6, 2011
The consumer confidence index, published by the Federal State Statistics Service (Rosstat), dropped from minus 10.0% in the fourth quarter to minus 13.0% in the first quarter, marking a deterioration and contrasting the 1.0 percentage point increase recorded in the fourth quarter. The index is currently at its lowest level since the last quarter of 2009. The deterioration in the index was broad-based, with all the main sub-categories deteriorating compared to the previous quarter. In particular, the strongest drop was seen in expectations regarding the general economic situation in the short term (12-months). In addition, respondents to the survey believe that their personal financial situation will worsen going forward, leading to fading prospects for large purchases.
Author: Armando Ciccarelli, Head of Data Solutions