Impact of restrictive measures on consumer spending in Russian regions
The last two months have been extremely unusual for the Russian economy as nationwide lockdown measures caused by the coronavirus pandemic curbed consumer spending dramatically.
Restrictions across sectors affected a total of 24.4% of Russia’s workforce, with the highest levels spotted in Moscow (68.4% of employees in the region), Moscow Region (43%), and Murmansk Region (37.4%).
As compared to the country in general, the measures widely taken in Moscow contributed to spending decline in the region much more, accounting for 14.2 pp or 43% of the aggregate drop.
The average weekly rate of consumption recovery in Russia stood at 0.9 pp, leading to an aggregate increase of 7.4 pp by May 31. The recovery rate was roughly the same in all federal districts.