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Retail trade turnover in Russia will fall by 9% in 2022

Retail trade turnover in Russia will fall by about 9% in 2022, said Viktor Yevtukhov, Deputy head of the Ministry of Industry and Trade.

"According to the basic forecast, in 2022 the Ministry of Economic Development of Russia expects a decrease in retail trade turnover by about 9%, but in 2023-2025 a gradual recovery growth is predicted. We tend to believe our colleagues," he said in an interview with TASS.

According to him, the decrease will be observed in all areas of trade. However, the strongest effects of sanctions will be felt by goods with a high import component: cars, computers, smartphones, household appliances, clothing and shoes.

He recalled that in order to support the industries, the Ministry of Industry and Trade is implementing a set of measures aimed "both at improving the access of these goods to the market and stimulating consumer demand."

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Author: Ekaterina Levina
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