The Central Bank of Russia reported that economic activity was unchanged in August and September, while consumer demand weakened amid slower wage growth and more cautious spending. Consumer activity grew more slowly in eastern regions and declined across many regions in the European part of Russia, alongside lower demand for domestic tourism and reduced online trade turnover. Regional and sectoral performance diverged. Volga-Vyatka recorded continued growth in engineering products and construction materials, while Siberian coal producers expanded exports by redirecting logistics toward Far Eastern ports. The Urals experienced lower oil production and wood processing, and the southern regions saw a decline in single-family home construction.
Central Bank of Russia reports flat economic activity and weaker consumer demand across regions
The Central Bank of Russia reported flat economic activity and weaker consumer demand in August and September as wage growth slowed and households became more cautious. Performance varied by region, with growth in some manufacturing and coal exports offset by declines in oil production, wood processing and single-family home construction.