Russians’ Income At Its Lowest Since 1999

24 October 2016 (13:48)

UrBC, Moscow, October 24, 2016. Russians’ incomes dropped by 6.1% in the third quarter of the year compared with one year earlier; this is the lowest drop in the July-September period since 1999, refers to Russian Presidential Academy of National Economy and Public Administration’s research findings as indicating.

‘Even in the crisis year of 2009, people’s factual disposal incomes shrank somewhat less than this year,’ the Academy analysts say. Incomes declined by 3.3% against the year 2008 then.

It is believed the ongoing downfall has to do with the pensions’ diminishing buying capacity.

As for the people’s spending patterns, more money was directed to goods and services in August 2016 than in August 2015 (the figure went up from 71.3% to 75.3% of an average income), while the share of income directed to savings dropped from 13.7% down to 8.6% (mainly because the private deposits and securities monetary volume decreased from 8.2% down to 3.5%), the research states.

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