Regional Economy report: slower growth in business and consumer activity
The primary factor behind the slowdown in consumption growth in January–February 2026 was softer demand for non-food goods.
In particular, car dealers reported lower car sales at the beginning of the year. In certain regions, visitor numbers at cafés and restaurants decreased, with demand for hotel services weakening. Many macroregions saw a drop in demand for furniture, construction materials, home improvement goods, and household appliances. Retailers’ short-term demand expectations slightly rebounded in February after their decrease in January.
Growth in business activity decelerated overall, but its dynamics still varied by region and sector. Car plants from Volga-Vyatka ramped up output. In the Urals, the commissioning of non‑residential buildings increased. Contrastingly, cargo traffic at Far Eastern seaports was declining amid the drop in coal production and exports.
More details are available in the March issue of the report Regional Economy: Commentaries by Bank of Russia Main Branches. The special topics of this issue include investment activity of businesses, imports, and freight logistics.