The Central Bank announced a gradual recovery in consumer demand

In Russia, consumer demand is gradually recovering and approaching pre-crisis levels. Kirill Tremasov, director of the Bank of Russia department, announced this.

According to him, consumer activity is recovering. This recovery is progressive. “But if we compare it with pre-crisis levels, then so far, probably, consumer demand is still a little weaker, but it is approaching pre-crisis levels,” told Tremasov (quote from Interfax), based on the dynamics of unsecured lending and car loans.

Tremasov noted that consumer demand has weakened since March 2022. This trend continued until the end of the year.

In April, the Ministry of Economy improved the forecast for the Russian economy in 2023 from a decline of 0.8% (in the September forecast) to growth of 1.2%. The main contribution to economic growth, according to Minister Maxim Reshetnikov, will be made by the recovery of consumer demand after the recession in 2022. The expected growth in household incomes will contribute to this, he noted.

In May, Vedomosti wrote that in April, the volume of car loans approved by Russian banks for individuals reached a record high since 2013 and reached 109.5 billion rubles. Experts explained the result is an increase in car prices, an increase in the share of loans for used cars and pent-up demand.