Economic activity continued to expand in May and June 2024, primarily driven by high domestic demand.
Manufacturers of paper and paper products in Central Russia and the North-West, as well as oil refineries in the Urals and the Volga Region, increased output. Chemical producers in the South invested in new projects. Far Eastern ports saw a rise in container cargo transshipment. Food enterprises in Siberia expanded their product range. Elevated demand for employees supported high wage growth rates.
The rise in incomes and household lending boosted consumer activity, with the highest demand recorded in catering and tourism sectors.
In June, monthly growth in consumer prices slowed down but remained notably above 4% on an annualized basis, as demand continued to outpace supply. Companies raised their price expectations.
The special topics of this issue include companies’ investment activity, domestic freight logistics, and the market of paid medical services.
More details are available in the new issue of the report "Regional Economy: Commentaries by Bank of Russia Main Branches."
Preview photo: Sergey Sevastyanov / TASS