Regional Economy report: consumer demand continues to recover
In April—May 2023, household consumer activity continued to recover in all macro-regions. Businesses’ expectations of demand were predominantly positive in retail and services. Monthly consumer price growth slightly accelerated, but inflationary pressures remained moderate overall.
Business activity continued to grow. Import substitution in a number of manufacturing industries increased due to higher domestic demand. The growth of port capacities and container fleet, and the switch of cross-border railway infrastructure to 24/7 operation lessened infrastructure constraints for foreign trade. Higher economic activity intensified labour market tightness.
This issue focuses on the analysis of the domestic tourism market and the situation in the Russian iron and steel industry.
More details are available in the May issue of the report Regional Economy: Commentaries by Bank of Russia Main Branches.