Retail market turnover in Russia 2007-2016
This statistic illustrates the turnover of the Russian retail market from 2007 to 2016. In 2013, the Russian retail market's turnover amounted to 23.7 trillion Russian Ruble.
Russian Retail Market
Russia has long been known as major resource exporter. Justifiably so, as the oil and natural gas sector contributes a lion’s share of the country’s exports and makes up a majority of its gross domestic product. Yet Russia has never been thought of as a nation of spenders, especially given its past crusades against capitalism. Russia, with an estimated population of over 143 million in 2015, is the largest consumer market in Central and Eastern Europe. The country's GDP (gross domestic product) for the 2015 year is projected to be about 2.31 trillion U.S. dollars; a decline of nearly four percent from the previous year. Western sanctions paired with low oil prices have pushed the Russian economy into a recession; contraction is the only certain outlook.
The rouble reached its record low against the U.S. dollar in the first quarter of 2015 but has managed to regain some of the lost ground since then. Despite the recent alleviation, the Russian currency still fluctuates at around 60% of its level in early 2014 which impacted the price level in the country. As a result, sales within various CPG sub-sectors such as fashion and household products will suffer from declining household income and spending.
Russian Retail Market
Russia has long been known as major resource exporter. Justifiably so, as the oil and natural gas sector contributes a lion’s share of the country’s exports and makes up a majority of its gross domestic product. Yet Russia has never been thought of as a nation of spenders, especially given its past crusades against capitalism. Russia, with an estimated population of over 143 million in 2015, is the largest consumer market in Central and Eastern Europe. The country's GDP (gross domestic product) for the 2015 year is projected to be about 2.31 trillion U.S. dollars; a decline of nearly four percent from the previous year. Western sanctions paired with low oil prices have pushed the Russian economy into a recession; contraction is the only certain outlook.
The rouble reached its record low against the U.S. dollar in the first quarter of 2015 but has managed to regain some of the lost ground since then. Despite the recent alleviation, the Russian currency still fluctuates at around 60% of its level in early 2014 which impacted the price level in the country. As a result, sales within various CPG sub-sectors such as fashion and household products will suffer from declining household income and spending.
