Economic ministry denies Russians’ incomes shrinking

MOSCOW, Jul 7 (PRIME) -- Insurer Rosgosstrakh Life’s information about a nosedive of Russians’ incomes is incorrect, because consumer demand has been growing steadily since May, the Economic Development Ministry said in a statement on Tuesday.

In June, Rosgosstrakh Life did a poll together with scientific research company Perspektiva, where 45% of the respondents said that their average monthly income does not exceed 15,000 rubles, while the share of similar responses in late February and early March, before introduction of the coronavirus restrictions, stood at 38.1%.

“Consumer demand is one of the major indicators of people’s incomes, and data of the Federal Tax Service and the central bank show that it has been growing since May. In the second half of June, consumer demand exceeded the level of the beginning of March at 114.4 billion rubles between June 16 and June 30 against 108 billion rubles (in early March),” the Economic Development Ministry said.

“The central bank also registered that a fall of people’s incomes slowed down at the beginning of May, as data of the central bank on the purchases made via the banking cards showed a return to usual consumption.”

During the coronavirus pandemic, the government focused its efforts on maintaining incomes of working and unemployed citizens and of families with children. The Federal State Statistics Service will publish its data on incomes of citizens on July 17, the ministry said.

(71.3409 rubles – U.S. $1)

End %%md/jst%%