Real income of Russians fell to the level of 2007


As it was reported by Rosstat (Russia’s statistics agency – RRT) last week, the decline in the standard of living of Russians continues.

In March the real disposable cash income of Russians (which is the amount of money that remains after all mandatory payments, adjusted for inflation) decreased by 2.5%.

A month earlier there was another decline of 3.8%. It fully negated a sharp jump in the beginning of the year, caused by a one-time payment to pensioners, and by the end of the quarter the indicator went down again to -0.2%.

In March, the average per capita income was 29,627 rubles ($527). This is 1,148 rubles ($20.5) less than in the previous year, and 846 rubles ($15) less than this figure for 2015.

Comparing to March 2016, the statistics registered a nominal growth of 552 rubles ($10), or 1.9%, which, however, was burned down by inflation, despite its slowing to a record low in the recent history of the country (4.3%).

Excluding the one-time payment of 5,000 rubles (approx. $90) to pensioners in January, the wallets of Russians lose money for 28 consecutive months, which is a record of such statistics since the 1990s. During this time, people became poorer by 13%, and the standard of living returned to the levels of 10 years ago.