BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/22
The slide in the volume of retail sales accelerated to 10 % y-o-y, a drop similar to that witnessed during the 2009 recession. In January-April, the contraction was 7.5 % y-o-y.
The decrease in fixed capital investment continued last month at an annual rate of 5 %. For January-April, investment fell about 4 %. Construction activity was off 5 %. Measured in liveable floorspace, however, there was a 30 % increase in the volume of completed new apartments from a year ago. The increase echoes a building boom ignited a few years ago, when housing loans and mortgages were made widely available.
The economy ministry estimates Russian GDP contracted 4 % y-o-y in April, a rate higher than in the first three months of the year. The GDP contraction was accentuated by lower retail sales and industrial output.
12-month change in retail sales, investment and industrial output, %
Source: Rosstat.