Russian economy did not hit rock bottom in April

Some of the economic indicators continued to worsen in May although many experts believed that April would be the worst month of this year.

In particular, unemployment continued to grow and reached the highest rate in the past eight years, according to the Federal Service for National Statistics.

The freight traffic continued to reduce faster compared to April; the scope of paid consumer services has been rapidly falling for the second month in a row (40% decline). The construction industry lost 3.1% of its business (2.3% in April).

The decline in private consumption in Russia has slowed down by about 2%, down to 24% or 25% in May. However, this indicator remains below the 2012 level.

No miraculous statistics is promised in June either. The Central Bank reported that in the first half of the month the economic activity is “below the stable level.”

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