Regional Economy report: consumer activity and price growth remain elevated
Individuals’ real incomes continued to grow in all macro-regions, which was conducive to elevated consumer activity.
Domestic tourist flows notably increased, in particular in the South. Car sales returned to the 2021 level. Price growth in January—February remained elevated. Contrastingly, individuals’ propensity to save strengthened: retail lending slowed down and the inflow of funds into time deposits remains sustainably high.
Economic growth continued. Electronics producers in the North-West, metal processing enterprises in Central Russia, car manufacturers in Volga-Vyatka, railcar manufacturers in Siberia and shipbuilding companies in the Far East ramped up output.
The special topics of this issue include consumer activity dynamics and sources of growth, the state and rates of capacity utilisation, and the situation in the car market.
More details are available in the March issue of the report Regional Economy: Commentaries by Bank of Russia Main Branches.