Russian retail still going strong

Despite the threat of a global economic crisis, Russian retail is still going strong. Russian Deputy Minister for Industry and Energy Andrey Dementyev announced nothing but excellent figures today.

Sales figures up +7.8% as wages rise almost 4%

Russian retail sales went up 7.8% last month, compared to August 2010: the best result in recent history – still doing better than the already excellent +5.7% of July 2011 compared to July 2010. Moreover, unemployment dropped to 6.1% (the lowest figure in three years) and average wages rose 3.9% compared to one year ago.

 

The deputy minister attributes the sales figures rise to the latter, claiming that the average Russian now earns clearly more, so he can spend more as well. The future is looking bright too, he said, as the government expects a faster economic growth for the July-December period, after a disappointing first semester.

Despite the threat of a global economic crisis, Russian retail is still going strong. Russian Deputy Minister for Industry and Energy Andrey Dementyev announced nothing but excellent figures today.

Sales figures up +7.8% as wages rise almost 4%

Russian retail sales went up 7.8% last month, compared to August 2010: the best result in recent history – still doing better than the already excellent +5.7% of July 2011 compared to July 2010. Moreover, unemployment dropped to 6.1% (the lowest figure in three years) and average wages rose 3.9% compared to one year ago.

 

The deputy minister attributes the sales figures rise to the latter, claiming that the average Russian now earns clearly more, so he can spend more as well. The future is looking bright too, he said, as the government expects a faster economic growth for the July-December period, after a disappointing first semester.

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