“the Economy has bottomed out somewhere, probably in may. Since June, we see the process of economic recovery. However, he is very mixed. We see a recovery first in consumer demand. It happens because of several factors. This is, firstly, the pent-up demand that has accumulated over the period of the quarantine. Secondly, after all, budget support has been quite signicant. According to our estimates, the payments that occurred from the budget to households compensated for in the second quarter, slightly more than half of lower income,” – said Kirill Tremasov.
According to him, positive role in the economy was played by the fact that due to restrictions on foreign travel, a large part of the money that Russians spend on foreign resorts left in the country. “Last year in the third quarter of Russians spent on foreign trips of about 800 billion roubles. Now a significant part of this money remains within the country, which in General, is also supported consumer demand”, – said the representative of the Central Bank.
He also noted that to support the economy in 2021 will start easing monetary policy.