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3 Min Read MOSCOW (Reuters) -Russia’s economy avoided catastrophe during the height of the COVID-19 pandemic and is now approaching pre-crisis levels, President Vladimir Putin said on Friday, an assertion backed up by data showing a 34.7% jump in retail sales in April. FILE PHOTO: A shop assistant puts a sale sign on a show window in Moscow, Russia June 18, 2020. REUTERS/Shamil Zhumatov Russia’s commodity-dependent economy is on the mend after a 3% contraction in 2020, its sharpest in 11 years, when lockdown restrictions stifled economic activity, but officials say a recovery to levels of late 2019 is imminent. Retail sales, a barometer of consumer demand and Russia’s key economic driver, rose 34.7% in year-on-year terms, the Federal Statistics Service Rosstat said, beating a 23% increase forecast in a Reuters poll of analysts. ....
Russia's Magnit, one of the country's top retailers, still has some room to make acquisitions, albeit probably smaller ones, following its purchase of rival Dixy, Magnit CEO Jan Dunning told Reuters. ....