Russian economy develops better than expected in 4Q


Rosstat published October macro statistics, which pleasantly surprised us. Retail trade turnover declined by 9.7% yoy, while we expected the fall to exceed the September level of -9.8% yoy. The non-food retail segment surprised positively, declining by 14.3% yoy in October against -15.0% yoy in September.

Meanwhile, the food retail segment...