Regional Economy report: output continues to grow amid high domestic demand
The Russian economy continued to grow in February—March. Manufacturers of electronics and household appliances in Central Russia and Siberia, machine builders in the Urals, producers of furniture in Volga-Vyatka, shipbuilders in the North-West and food producers in the South of Russia ramped up output and expanded the range of products. Fish production and processing in the Far East was up. However, enterprises in all the macro-regions still experienced significant staff shortages.
Most macro-regions increased car sales. The demand for cars was fuelled by discounts and special offers from car manufacturers. Expanded domestic tourist flow and elevated demand for passenger transport services additionally boosted consumption.
In March 2024, monthly seasonally adjusted consumer price growth slowed down, but persistent inflationary pressures were still elevated. Growing consumer demand remained the main proinflationary factor in all the macro-regions.
The special topics of this issue include the preparation of agricultural companies for the spring sowing campaign, the situation in the regional labour markets and the market of agricultural equipment.
More details are available in the April issue of the report Regional Economy: Commentaries by Bank of Russia Main Branches.