Analysts recorded the highest since 1999, the reduction of income of Russians

Real disposable incomes of Russians in the third quarter decreased 6.1% compared to the same period in 2015, thereby updating the record low since 1999. This is evidenced by the results of monitoring the socio-economic status and wellbeing of the population prepared by the Institute for social analysis and forecasting Ranhigs (press release arrived in the RBC).

Monetary incomes of the population of Russia in August and September declined by 8.2% and 2.8% respectively compared to last year’s figures. The authors of the report note that “even during the crisis in 2009, the decline in real disposable income was somewhat lower than in the current year, then real income in the third quarter decreased by 3.3% compared to the same period last year.”

The trend of falling incomes, experts explained the ongoing reduction in real pension, which in August fell 3.8%.

The level of poverty of the population, according to analysts of the Russian Academy of national economy decreased from 15.1% to 14.6% in the first six months. Also, this indicator gave a positive trend in the second quarter of 2016, relative to the same period in 2015 from 14% to 13.5%.

The average salary in August increased by 2.7% compared with August last year. In September, the upward trend has continued, said the researchers. The subjective assessment of the Russians of their financial situation worsened. 29,1% of the respondents estimated their financial situation as “poor” or “very bad” (compared to 26% in the third quarter of 2015).

Analysts also checked in the better emotional perception of the economic situation in the country. According to 7,4% of respondents, the situation of the Russian economy has improved. In August this was the opinion of 4,6% of respondents. The majority of Russians – 37.4 per cent — say about regression, and 7.8 percent said that the country is in full economic crisis.

Yesterday, October 19, Rosstat published data on the financial situation of the population. According to the research Agency, in September the real incomes of Russians decreased at an annual rate of 2.8%. The rate of decline was the slowest since March. At the same time the decline has continued for 23 consecutive months.

Previously, the Ministry has prepared three scenarios for socio-economic development until 2035. Assumes optimistic economic growth on average by 2% per year, a conservative 1.8%. According to one scenario, the Russian economy will fail to overcome stagnation the next 20 years.