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Economy Ministry revises forecast for Russians’ wages, real incomes in 2016

December 26, 2016, 21:03 UTC+3 MOSCOW

The data at its disposal suggests that the real wages in Russia are growing for the fourth month running

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MOSCOW, December 26. /TASS/. Russia’s Ministry of Economic Development has done an upward revision of its forecast for the growth of wages upon the outcome of 2016, raising it to 0.5% from the previous 0.3%

"Economic Development Ministry hopes that, on the background of a slowdown of inflation, the real wages will demonstrate upward dynamics through to the yearend and their growth may total 0.5% upon the outcome of the year on the whole, which is 0.2 percentage points above the assessment the Ministry provided at the stage of forming the budget," the document said.

The data at its disposal suggests that the real wages in Russia are growing for the fourth month running. The exemption of seasonal factors, statistics has been showing a roughly zero dynamics.

Simultaneously, the ministry has revised downwards its forecast for the Russians’ real disposable income. Their decrease may stand at 5.8% at the yearend versus the previously expected 5.6%

As possible explanation for this is that the Russian Federal Service for Statistics (Rosstat) has revised the data for the real disposable income for next year, reducing it to 3.2% from the 4.3% in the previous assessment.

The ministry says that despite a definite slowdown in the decrease of the annualized real disposable incomes (5.6% in November vs. 6.0% in October), the seasonally cleared data testified to the persistence of negative tendencies.

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