Rosstat reported a record drop in real disposable income

The decline in real disposable income of the Russian population in the second quarter of 2020 made up 8% year-on-year after growth according to the revised data of 1.2% in the first quarter of 2020 (previously estimated decline of 0.2% in the first quarter). This is stated in the materials of Rosstat. Thus, it clarifies the “Interfax”, the real disposable income of population of Russia in II quarter has experienced the deepest decline in quarterly dynamics since the late 1990s. Now the data of the statistical office are available on the website only since 2008. During this period, such a deep drop was not. The maximum decline was in the fourth quarter of 2008 — by 6.1% yoy and in the fourth quarter of 2016 and third quarter of 2015 — 5.6%. In the period 2000-2008 incomes steadily increased against the backdrop of high economic growth and increasing expenditures. The last time incomes fell more in 1999 — then at the end of the year, the drop exceeded 10%. According to Rosstat, the average income of the Russians amounted to 32 854 thousand rubles. While real wages increased in may by 1% year — to-date by 3.4%. In the first quarter of 2020, about 18.6 million people had an income below the subsistence minimum. The size of the subsistence minimum in Russia in the beginning of the year amounted to RUB 11 731 As written previously, “Kommersant”, the experts believe that in the context of pandemic coronavirus main impact on revenues will be in the second half of the year. In the second quarter they may fall 17.5%, and by the end of the year, the reduction can reach to 6.5%, which may be a record drop in 2014, say the Institute’s research on the web.Of the Russian Federation. In the same period, experts expect the start of mass layoffs.

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