In April and May 2024, economic growth continued in the Russian regions, driven by higher domestic demand. An increase in incomes and lending supported consumer activity.
Production and infrastructure investment saw an uptick. Businesses in Central Russia, the North-West, and the Volga Region expanded food output. Siberia upgraded fuel and energy enterprises. The transport infrastructure was developing in the South, Urals, and Far East. However, considerable labor shortages persisted.
In April, seasonally adjusted consumer price growth accelerated. High consumer demand remained the main pro-inflationary factor in all macro-regions, outstripping the capacity to expand output.
The special topics of this issue include lending and deposits, the tourism and passenger transportation market, and the construction of apartment buildings.
More details are available in the May issue of the report "Regional Economy: Commentaries by Bank of Russia Main Branches."
Preview photo: Parilov / Shutterstock / Fotodom