The MAYOR: the rate of decline of retail turnover in Russia in October reached a record over the last 20 years

MOSCOW, November 27. Dynamics of the fall in retail trade turnover in Russia in October 2015 rose to record levels over the past 20 years. This is stated in the monthly monitoring of the Ministry of economic development (MED) of the Russian Federation.

Retail turnover in October decreased by 11.7% year-on-year, while the turnover of food products, beverages and tobacco products, declined by 10.9% and non-food products – by 12.5%. The fall of the retail turnover occurred at the background of the decline in real wages, growth in commodity prices, reduced lending by banks and the transition of the population to savings and consumption patterns, according to the Ministry of economic development.

In addition, for the third consecutive month accelerated the rate of decline of retail turnover seasonally adjusted, in October this figure fell by 1.2% in relation to September.

The fall dynamics of retail turnover has become one of the main “negative” for Russia’s GDP in October, according to the monitoring.

In General, the results of January-October 2015 retail trade turnover decreased by 8.8%.