Russians Aren’t Blowing Bigger Wages in Boon to Central Bank

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(Bloomberg – bloomberg.com – Olga Tanas – June 21, 2017) There’s less than meets the eye to Russia’s consumer recovery. While real wages grew at the same pace of 3.7 percent in April and May, the most in over three years, retail sales only crawled just above zero after a record 27 months of contraction. The Bank of Russia expects […]

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A New Threat to the Kremlin: Russians’ Incomes Not Keeping Pace with Their Expectations

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(Paul Goble – Window on Eurasia – Staunton, May 25, 2017) In every federal district except the Far East, Russians say they need more money for “a normal life” than their current incomes, a situation that reflects stagnating wages and salaries and rising prices and one, the editors of Nezavisimaya Gazeta say, that represents an increasingly serious political threat to […]

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Russia Still Migrant Magnet Even as Wages Stay Below China’s

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(Bloomberg – bloomberg.com – Olga Tanas – April 19, 2017) The vast pool of labor across Russia’s porous borders is relieving strains in the labor market, helping drain the economy of inflationary pressure as it accelerates after almost two years of recession. A steady flow of arrivals has continued even as shrinking wages and Russia’s worst currency crisis since 1998 […]

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RUSSIALINK RBTH: “Vice-premier: Russia has a unique phenomenon – workers are officially poor”

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Olga Golodets speaks out about worrying trend in the country: despite having regular jobs, millions of people are stuck below the poverty line due to poor wages. (Russia Beyond the Headlines – rbth.ru – March 16, 2017) Russian Vice-Premier Olga Golodets has highlighted the fact that alarmingly low wages in the country are keeping people with regular jobs below the […]

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NEWSWATCH: “Russia’s Post-Election Economy: Down, But Not Out. Parliamentary elections are rapidly approaching, but this time politicians aren’t making any pie-in-the-sky promises.” – Moscow Times/Boris Grozovsky

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By any measure, the Russian economy is deep in a classic recession: GDP has dropped for the sixth consecutive quarter. If Russia had political competition, these elections would pose a challenge for both the ruling party and the opposition. But without real competition, politicians are under little pressure to lift the economy out of the current crisis. … * * […]

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Russians Spend More Than They Earn For First Time Since 1998

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(Moscow Times – themoscowtimes.com – February 10, 2016) The spending of Russians exceeded their income in 2015 for the first time in 18 years, the Kommersant newspaper reported Wednesday, citing the Center of Macroeconomic Analysis and Short-term Forecasting. According to the Rosstat state statistics service, the expenditures of Russians exceeded their revenues by 418 billion rubles ($5.3 billion). In 2014, […]

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Russians’ Real Wages Fall 9.5% in 2015

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(Moscow Times – themoscowtimes.com – January 26, 2016) As Russia’s inflation reached double-digits last year, Russians saw their real wages decline by 9.5 percent compared to 2014, data published by the Rosstat state statistics service showed Monday. In December 2015, real wages of Russians dropped 10 percent when compared to the same month in 2014, according to Rosstat data. The […]

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Real incomes in Russia decline 2.0% in July, wages down 9.2% – Rosstat

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MOSCOW. Aug 19 (Interfax) – Real disposable incomes in Russia fell 2.0% in July compared with the same month last year, the Federal State Statistics Service (Rosstat) said. They fell 3.5% in June, 6.4% in May, 4% in April, 1.8% in March, 1.6% in February and 0.8% in January. Incomes fell 2.9% in real terms in January-July 2015. They declined […]

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