Russian ministry lowers 2012 retail sales growth forecast to 6.1%
MOSCOW. Aug 29 (Interfax) - The Economic Development Ministry has revised its forecast for retail sales growth in 2012 downward to 6.1% from 6.3%, Deputy Economic Development Minister Andrei Klepach told reporters.
However, the retail sales growth forecasts for the subsequent three years have been raised: to 5.4% from 5.0% in 2013, 5.8% from 5.6% in 2014 and 5.8% from 5.7% in 2015.
The Federal Statistics Service reported that retail sales in Russia grew by 6.8% to 11.534 trillion rubles in the first seven months of 2012, including 5.1% to 1.781 trillion in July alone.
The July growth figure was the lowest since January 2011, when retail sales grew by 3.9%. Retail sales grew by more than 7% per month in the first quarter of 2012, and by 6.5% in April, 6.8% in May and 6.9% in June.
