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Explore Russia's latest macroeconomic trends and forecasts to inform business strategy and pinpoint opportunities and risks

Unemployment Rate in Russia Increases in Sept 2022 Despite Decline in Retail Sales

Industry: Retail
Current: Market Sizing & Shares

In September 2022, following the first mobilization by Kremlin since World War II, retail sales in Russia decreased further, and unemployment increased marginally
Retail sales in Russia decreased in September 2022 YoY, and unemployment increased
Inflationary pressure increased, and partial mobilization contributed to long-term inflation due to a declining labor force

Decrease in Retail Sales in Russia

Soon after Kremlin announced its first mobilization since World War II, retail sales in Russia decreased even more in September 2022, and the unemployment rate increased marginally. Kremlin mobilized some 300,000 reservists since September 2022 for what it refers to as a “special military operation” in Ukraine. Since then, scores of people reportedly fled the country out of fear of being compelled to join the fighting.

Retail sales in Russia fell in August and September 2022 YoY, and the unemployment rate rose in September 2022. The retail market value in Russia decreased significantly in 2022 over that in the previous years, according to GlobalData. The number of active jobs too declined significantly in 2022 over that in the previous years, according to GlobalData.

Russia’s central bank maintained its benchmark interest rate at 7.5% on October 28, 2022, stressing that inflationary pressure increased, and that partial mobilization could exacerbate long-term inflation due to the declining labor force. Real spending power continued to decline in 2022 and was down 3.4% YoY in the third quarter of 2022 ended September 2022, following an 8.9% increase in the corresponding quarter of 2021.

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