10M Retail Trade Volumes Up 25% yoy

According to the State Statistics Committee, retail trade reached USD 19.6 bln or up 25% yoy in 10M, matching the growth level of 9M06. Alexander Viktorov: Since the start of the year, retail trade has maintained its record high growth rates, however, with the slow down in the growth of real incomes (from 23% in January to 19.5% over 6M), and the higher comparison base from the end of last year, the pace of retail trade is starting to slow slightly (down from 25.6% in August). However, the rapid expansion of retail lending will continue to buoy retail numbers.