Retailing Surprise
Russians spent less in London but more at home. Spending by Russians in UK shops fell by almost a fifth in February. A survey by tax-free refund processor Global Blue found that Russian spending fell after the start of the Ukraine crisis and the ruble devaluation.
In Russia, however, consumers spent more in February than most analysts had expected. Retail sales rose 4.1 per cent, compared to 2.4 per cent in January, according to Rostat. Consumer spending reached an all time high of 6185.2 billion rubles ($171 billion) in the fourth quarter of 2012, according to analysts Trading Economics.
Unemployment Steady
Russia's unemployment rate was steady at 5.6 per cent in February, unchanged from January, according to Rostat, the Federal State Statistics Service. The total number of jobless Russians amounted to 4.3 million people. In Russia, the unemployment rate is calculated by the number of people actively looking for a job as a fraction of the labour force.
Wages adjusted for inflation surged 6 per cent in February from a year earlier, and real disposable incomes gained 1 per cent according to data from Bloomberg.
Investment Falls
Investment by companies continues to fall. Fixed-capital investment fell 3.5 per cent in February after slipping 7 per cent in January, according to Rostat.
