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Output & Demand

Domestic demand takes a dive in January. Rosstat has published its January statistics pack on economic conditions. Unemployment remained at 5.6%. The seasonally adjusted unemployment rate dropped to 5.2%. Real retail sales growth decelerated 1.4pp to 2.4% YoY on both the food and non-food components. Investment in fixed capital dived under water with a 7.0% YoY decline, the lowest level since the end of the crisis. Construction simultaneously intensified its drop to the second post-crisis low of 5.4% YoY, after a 3.0% YoY drop a month ago. Real wage growth slowed to 2.5% YoY, from the upwardly revised figure in December (to 2.7 YoY).
Maxim Korovin, Anton Nikitin
VTB Capital analyst


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