Ocnus.Net
News Before It's News
About us | Ocnus? |

Front Page 
 
 Africa
 
 Analyses
 
 Business
 
 Dark Side
 
 Defence & Arms
 
 Dysfunctions
 
 Editorial
 
 International
 
 Labour
 
 Light Side
 
 Research
Search

Business Last Updated: Jun 22, 2016 - 11:37:20 AM


Russian Real Incomes Drop 11.5% in May
By The Moscow Times, Jun. 20 2016
Jun 22, 2016 - 11:36:18 AM

Email this article
 Printer friendly page

Russians saw their real incomes fall by 11.5 percent in May compared to the previous month, the Rosstat state statistics service reported Monday.

In annual terms, real incomes fell by 5.7 percent in May, Rosstat said. Real wages shrank by 1 percent year-on-year in May.

Rosstat data also showed that the fall in retail trade accelerated last month, dropping by 6.1 percent year-on-year to 2.2 trillion rubles ($35 billion).

The Russian economy, hit by Western sanctions and weak oil prices, contracted by 3.7 percent in 2015. The slump continued this year, contracting by 1.4 percent in the first three months of 2016 compared to the same period in 2015, the Interfax news agency reported, citing Russia’s Economic Development Ministry.

The sharp fall in incomes forces Russians cut their spending even on necessary items. According to a poll conducted by market research company Romir, 43 percent of Russians had to slash spending on food over the past year and 31 percent said they cut down spending on shoes and clothes, the Vedomosti newspaper reported in April.


Source:Ocnus.net 2016

Top of Page

Business
Latest Headlines
The Geo-Politics of Natural Gas to Europe
Two weeks before ban, EU still imports 15% of crude oil from Russia
The ballooning costs of the Ukraine war
Swedish funds have billions of euros of investor money frozen in Russia
Natural gas imports from Canada continue providing winter reliability to U.S. markets
What do crazy $500,000-per-day rates say about shipping demand?
South Africa’s Ivor Ichikowitz: A ‘philanthropic’ arms dealer?
Prime Time for Tankers as Sanctions Hit Russian Oil
Low ocean shipping rates here to stay as overcapacity looms
Russia’s Defense Industry Growing Increasingly Turbulent