Support The Moscow Times!

Real Incomes ‘Barely Budged’ in 2018, Chief Auditor Says

Artyom Geodakyan / TASS

Russians saw virtually no change in their purchasing power as prices outpaced growth estimates in 2018, the country’s chief auditor has said.

Economists say 2018 was the fifth consecutive year of falling real disposable personal incomes in Russia. They are set to drop again this year.

“Citizens’ real incomes increased by decimal points, if they grew at all,” head of the Audit Chamber Alexei Kudrin tweeted Wednesday.

His office’s preliminary estimate places real inflation-adjusted income at between 0.0 percent to 0.4 percent.

The Audit Chamber estimates that Russia’s GDP grew in 2018 at 1.5 percent, against an official forecast of 1.8 percent. Inflation outpaced forecasts of 2.7 percent, totaling 4.2 percent, the Audit Chamber says.

“The government has to begin at a low starting point [in 2019],” Kudrin concluded.

Russia’s statistics agency Rosstat is scheduled to publish the annual 2018 figures on Jan. 25.  The agency’s head was replaced in December with government vows to overhaul its data-gathering methods.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more