Retail sales in Russia slowed, but industrial production growth accelerated, unemployment at record low

By: Trademagazin Date: 2024. 11. 29. 11:30

Russia’s retail sales slowed in October, while industrial production growth accelerated and unemployment hit a historic low.

Retail sales growth slowed to 4.8 percent in October, down from 6.5 percent in September, according to data posted on the Russian statistics agency’s website. Analysts had expected a slower 6 percent growth for October.

In the first ten months of this year, Russian retail sales grew by 7.5 percent year-on-year.

In October, retail sales of food, including beverages and tobacco, grew by 5.7 percent year-on-year, compared with 5.2 percent in September. Non-food sales growth slowed to 4.1 percent from 7.7 percent in September.

According to experts, retail sales in Russia will grow by 7.1 percent this year, and according to government forecasts, by 8.6 percent, compared to last year, when it expanded by 6.4 percent.

The statistics office also said that annual growth in industrial production accelerated to 4.8 percent in October from 3.2 percent in September. Analysts had also expected a slower 3 percent growth in October. Manufacturing production grew the most, by 9.6 percent, after 6.6 percent in September.

In the first ten months of this year, ending in October, Russian industrial production exceeded the previous year by 4.4 percent.