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Russia expects to see 2.3-2.6% growth of labor productivity in 2018-2020

Growth of economic activity combined with demographic trends will lead to a reduction of the unemployment rate to 4.7% by 2020, according to the Economic Development Ministry

MOSCOW, October 17. /TASS/. The Russian Economic Development Ministry expects to see growth of labor productivity of 2.3-2.6% in 2018-2020, according to Deputy Minister of Economic Development Azer Talibov.

"We expect labor productivity to grow by 2.3% in 2018, 2.4% in 2019, and 2.6% in 2020," he said.

Growth of economic activity combined with demographic trends will lead to a reduction of the unemployment rate to 4.7% by 2020, according to the Economic Development Ministry.

The Russian Federal State Statistics Service (Rosstat) said earlier that wage arrears in Russia as of October 1, 2017, amounted to 3.39 bln rubles ($59.1 mln) and rose by 33 mln rubles ($575 thousand) or by 1% month-on-month.

Wage arrears due to organizations lacking internal funds as of October 1, 2017, amounted to 3.36 bln rubles ($58.6 mln) or 99.3% of the total volume of wage arrears. This figure rose by 32 mln rubles ($558 thousand) or 1% in monthly terms.

Debt due to untimely receipt of funds from the budgets of all levels amounted to 25 mln rubles ($436,000) and increased by 0.3 mln rubles ($5,200) or by 1.3% month-by-month, including debt from the federal budget of 6 mln rubles ($104,600) (up by 1.2 mln rubles ($21,000) or 23.5%). Debt of Russian regions’ budgets amounted to 16 mln rubles ($279,100) (up 0.3%) and from local budgets - 2.5 mln rubles ($43,600) (down 27.3%), Rosstat said.

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