The Federal Statistics Service on Friday reported positive macroeconomic data for September

Tuesday, February 7, 2023

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The Federal Statistics Service on Friday reported positive macroeconomic data for September, signaling the slowing of the economy evidenced in June may have come to an end. * Industrial production numbers for September released earlier this month (5.2% growth year-on-year) also showed a slight increase. * Fixed investments rose 10.8% year-on-year in September and 9.9% in 9M05. * Real retail sales grew 12.8% year-on-year in September and 11.7% in 9M05. * Real disposable income rose 15.4% on the year in September and 9.3% in 9M05. * Average monthly per capita was $285.7 in September. * The nominal average monthly wage in September stood at $309.7, up 25.5% on September 2004. * The real wage was up 11.7% in September and 8.7% in 9M05. * Producer price inflation came in at 2.8% in September, strongly impacted by further rises in domestic fuel prices. * Twelve-month trailing producer price inflation still remains higher than consumer price inflation at 18.6% and 12.2% respectively. * Producer price inflation amounted to 15.1% in 9MO5, while consumer price inflation reached 8.6%. * Unemployment rate edged up from 6.4% in August to 6.8% in September. These figures are underpinned by strong world commodity prices, with a positive impact on exports, consumption and investments. Furthermore, the ruble has weakened this year on the back of a strengthening dollar, and this has also benefited Russian producers.

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