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. Last Updated: 07/27/2016

Consumer Confidence Index Rises for 2nd Quarter in a Row

Consumers have become more optimistic about the future of the economy, according to data released by the State Statistics Service on Tuesday.

In the third quarter, the consumer confidence index rose to -25 percent from -32 percent in the second quarter — meaning that fewer people gave a negative assessment of the country’s economic condition.

More people expect the economy to pick up soon, as well. The short-term economic expectation index rose 5 percentage points to -10 percent.

Eighteen percent of respondents expected a positive change in the economy in the short term, up from 17 percent last quarter.

At the same time, the number of respondents expecting a negative change in the economy dropped to 29 percent from 36 percent in the same period.

The change in attitude is likely to result in more confident consumer behavior. Consumers say economic conditions are more conducive to making big purchases or saving compared with the second quarter.

Retail purchases increased 1.8 percent compared with July, but they are still 9.8 percent below their level in August last year.

And the younger you are, the more optimistic you are likely to be about the economy. Among 16- to 29-year-olds the consumer confidence index stood at -24 percent, compared with -25 percent among 30- to 49-year-olds and -26 percent among those 50 years old or older.

Russia has the 14th-highest level of consumer confidence among European countries, right below Germany and slightly above Estonia.