19 Oct 2010 16:00

Retail trade growth in Russia slows to 4.7% - Rosstat

MOSCOW. Oct 19 (Interfax) - Retail trade turnover in Russia came to 1.403 trillion rubles in September, 4.7% more year-on-year than in September last year, but less that the 6.5% growth in August and 6.6% in July, the Federal State Statistics Service (Rosstat) reported Tuesday.

Retail trade increased 4.4% year-on-year to 11.737 trillion rubles in the period January-September.

The September figure was lower than the 6.9% growth expected by analysts surveyed by Interfax for a consensus forecast.

That there was a bit of a slowdown in September was largely attributable to quickening inflation prompted by this summer's fierce heat. From February to December 2009, this sector was negative, with September bringing the most significant decline - 9.5%. Starting in January of this year, retail trade turnover began to grow: increasing 1.5% in Q1 and 5.1% in Q2.

Economists anticipate, according to a consensus forecast Interfax prepared at end-September, that retail trade will expand 4.5% in all in 2010. The Economic Development Ministry increased its own forecast to 5.2% from 4.8% in August.

Trading organizations and individual entrepreneurs determined 87% of September turnover, with retail markets and fairs accounting for the other 13% (86% and 14% in September 2009).

Food products, including beverages, accounted for 48.3% of turnover, non-food items for 51.7% in September (48% and 52% in September 2009).