Monitoring sectoral financial flows: economic activity grows in early Q4
In October 2021, the volume of incoming payments in the Bank of Russia’s payment system went up 3.7% against the Q3 average. The growth rates across industry clusters got closer. This may be indicative of more balanced economic growth in general.
Growth in external and intermediate demand sectors slowed down. Consumer demand industries witnessed a moderate expansion in payments. Investment sectors recorded an increase of incoming payments for the first time since May 2021.
The effect of anti-pandemic measures on the economic activity will smooth since only a handful of regions introduced days off in late October and the national public holidays fell on a shorter week in early November. Moreover, households and businesses are largely adapted to the anti-pandemic restrictions.
