Regional Economy report: business activity and consumer demand go up
Economic activity continued to expand in May—June 2024, mainly supported 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 ramped up output. Chemical producers in the South invested in new projects. Far Eastern ports increased transshipment of container cargoes. Food enterprises in Siberia expanded their range of products. Elevated demand for employees supported high growth rates of wages.
The rise in incomes and household lending boosted consumer activity. The highest demand was registered in catering and the tourism sector.
In June, monthly growth in consumer prices slowed down, remaining notably above 4% in annualised terms: demand was still expanding faster than 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.