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. Last Updated: 07/27/2016

Russian Consumer Confidence Improves in Q3

MOSCOW — Consumer confidence strengthened in the third quarter, statistics showed on Tuesday in a further sign that the worst of the country's first recession in a decade may have passed.

The Federal Statistics Service said its confidence index rose 7 points quarter-on-quarter to -25.

However, confidence remains well below the +1 to -5 range seen between mid-2006 and mid-2008 before Russia's economy was knocked by slumping oil prices, a depreciating ruble, the downturn in export demand and the global credit crunch.

The balance is calculated by summing up the percentage of people with a positive outlook and deducting the negative ones.

According to the FSS, the share of respondents pointing to a deterioration of the economic situation in the country fell to 29 percent from 36 percent in the preceding quarter.

Meanwhile, 18 percent of respondents expect the short-term economic environment in Russia to improve, compared to 17 percent in the second quarter.

The proportion of Russians who expect their own financial situation to gain ground over the next 12 months has picked up to 11 percent from about 8 percent reported two quarters running.

At the same time, the share of people waiting for things to get worse fell sharply to 23 percent from the second quarter's 29 percent, the data showed.