Minister: Russia’s retail sales to resume growth in 2017

ROSTOV-ON-DON, Aug 23 (PRIME) -- Russia’s retail sales will resume growth starting from 2017, Industry and Trade Minister Denis Manturov said on Tuesday.

“Last year, we had a reduction of retail sales for the first time in six years. This year retail trade should stabilize,” he said.

“Starting from next year, we expect restoration of pace and growth in this segment,” Manturov said.

According to the Federal State Statistics Service, Russia’s retail sales fell 10% to 27.576 trillion rubles in 2015. Under the Economic Development Ministry’s basic forecast, Russia’s retail sales will grow 1.1% in 2017, 2.6% in 2018, and 3.3% in 2019.

(64.2078 rubles – U.S. $1)

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