Russian retail sales fell for a fifth month in June as incomes dropped and lending to households declined, the State Statistics Service said Monday.
Sales dropped 6.5 percent, compared with a year before, the fifth consecutive decline, the service said. Retail sales were up 0.2 percent on the month.
The recession has halted a consumer boom that helped Russia’s economy grow almost 7 percent on average annually and saw average wages rise sixfold since 1998. Gross domestic product in the world’s biggest energy exporter shrank 9.8 percent in the first quarter, the worst contraction in 15 years.
Sales dropped 6.5 percent, compared with a year before, the fifth consecutive decline, the service said. Retail sales were up 0.2 percent on the month.
The recession has halted a consumer boom that helped Russia’s economy grow almost 7 percent on average annually and saw average wages rise sixfold since 1998. Gross domestic product in the world’s biggest energy exporter shrank 9.8 percent in the first quarter, the worst contraction in 15 years.
Retail loans dropped 1.9 percent in May as the rate of delinquencies rose to 5.5 percent of the total versus 5.1 percent in April, according to the Central Bank.
Russia’s unemployment rate fell in June to 8.3 percent. The average monthly wage dropped an annual 5.2 percent in June, while real disposable incomes fell 1 percent.
Capital investment fell 20.1 percent, as industrial output declined 12.1 percent in June.
Retail sales will probably grow in the last quarter of the year, compared with the previous three-month period, as sales stabilize from the middle of the year, the Economic Development Ministry said.
Source: Bloomberg
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