The Central Bank of Russia published the March issue of its Regional Economy report, indicating that consumption growth slowed in January and February 2026, mainly because demand for non-food goods softened. The report also points to a broader deceleration in business activity, although conditions continued to differ across regions and sectors. Weaker demand was visible in lower car sales early in the year, reduced visitor numbers at cafés and restaurants in some regions, and softer demand for hotel services. Many macroregions also saw lower demand for furniture, construction materials, home improvement goods and household appliances, while retailers' short-term demand expectations edged up in February after falling in January. On the activity side, car plants in Volga-Vyatka increased output and non-residential building commissioning rose in the Urals, but cargo traffic at Far Eastern seaports declined amid lower coal production and exports. The report's special topics cover business investment activity, imports and freight logistics.
Central Bank of Russia2026-03-11
Central Bank of Russia reports slower consumption and business activity growth in January and February 2026
The Central Bank of Russia said the March issue of its Regional Economy report shows consumption growth slowed in January and February 2026, driven mainly by weaker demand for non-food goods. Business activity also decelerated overall, with regional divergence including stronger car production and construction in some areas but weaker port cargo traffic in the Far East.