Real disposable income in Russia up by 0.8% in 2019, more hoped for 2020
Real disposable incomes in Russia increased by 0.8% in 2019, the growth accelerating from 0.1% seen in 2018 and beating the expectations of 0.1% of the Ministry of Economic Development, the latest data released by RosStat statistics agency shows.
As reported by bne IntelliNews, recent social spending measures announced by President Vladimir Putin, the new government wired for execution of the National Projects, and the appointment of the pro-demand ex-EconMin Maxim Oreshkin as Presidential economic advisor are all expected to support demand in 2020.
The 2019 real disposable income growth was already the fastest since 2013, although in real terms the incomes since lag behind the pre-Crimea levels.
In 2014-2017 disposable income dived by 8.4, but the Ministry of Economic Development expects further disposable income recovery of up to 1.5-2% in 2020 given the new social spending measures.
The analysts surveyed by RBC business daily attributed the increase in 2019 to record-low inflation and faster budget spending in the second half of the year, as the real disposable income growth peaked at over 3% in 3Q19.
The latest GDP figures show that the eurozone contracted in the third quarter and looks like it will do the same in the last three months of the year, falling into a continent-wide recession.
Real wages are up in Russia, but thanks to inflation and subsidised mortgages, the middle classes are getting richer, while the poor are getting poorer.
Russia’s strong growth, driven by heavy military spending, has created growing inflationary pressure as the economy starts to overheat, the Bank of Finland institute for Emerging Economies (BOFIT) says in its weekly update.
In the most recent poll conducted by the Russian Public Opinion Research Center (VTsIOM), President Vladimir Putin's trust rating remained steady at 78.5%.
Ukraine’s leading investment bank Dragon Capital has cut its GDP forecast for Ukraine in 2024 in half to 4% y/y in anticipation of another year of war, The New Voice of Ukraine reported on December 7.
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