MOSCOW, May 15. /TASS/. Retail sales and growth of consumer confidence in Russia have reached their highest level since 2014, the European Commission (EC) said in its spring economic forecast.

"Retail sales and consumer confidence also increased, with the latter reaching its highest level since 2014. The labour market remained tight and is set to continue that way, as declining net inward migration and increased labour demand from the military sector are expected to persist," the EC said.

GDP growth in Russia is projected to slow down to 2.9% in 2024 and 1.7% in 2025.