Car production in Russia has been surging up by 22% in the first four months of the year, in a further sign of the Russian economy’s return to growth.
Car production in Russia was especially severely hit during the recession, as Russian consumers seeing their incomes slashed by the surge in inflation following the crash of the rouble severely cut back on spending on new cars. Suffice to say that in 2015 – the worst year of the recession – car production fell in Russia fell by an extraordinary 28%.
The fact that car production is now rising rapidly is a strong indicator of renewed confidence by consumers and in the economy, paving the way for further recovery.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.