Bank of Foreign Economic Activity Predicts 1.6% Retail Growth for 2018

The Chief Economist of Vneshekonombank (VEB, the Bank of Foreign Economic Activity), Andrei Klepach, said that VEB predicts a 1.6% growth for retail trade in 2018.

RNS is reporting on this development.

"In 2018, retail growth will be somewhere around 1.6% — almost two times lower than what the Ministry of Economic Development expects. Although I think that in the future, measures will be taken to improve the dynamics of income and consumption demand,” Klepach said.

He also stressed that consumer demand will not become a driver of GDP growth in the coming years.

Earlier it was reported that Russia’s Central Bank improved its forecast for GDP growth in Russia in 2017.