Contents tagged with Economy of Russia
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Poll: Nearly 80% of Russians live paycheck to paycheck
About 80% of Russians, in one way or another, face a shortage of money before each payday. Nearly half (41%) of those surveyed by the Public Opinion Foundation (FOM) complain of a "frequent" shortage of finance.
19% of the respondents have no problems with their pay. 39% face a similar problem but rarely so. Three-quarters of employed Russians are dissatisfied with their salaries. Only 23% of Russians believe that they have a sufficient monthly income. In contrast, 70% of Russian citizens were …
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Revenues from Russian oil export decreased by nearly half
Russian oil export revenues for January and February 2016 are 41% lower than the same period in the last year, a difference of 8.84 billion dollars, RIA Novosti reported, citing data from the Federal Customs Service.
It is reported that in real terms, the Russian Federation increased its oil exports by 40.184 million tons; a 2.5% increase for foreign countries in comparison with the same period in 2015. In financial terms, revenues accounted for 8.266 billion dollars, which is 41.6% lower than …
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World Bank cuts Russia's economic forecast
The World Bank predicts that the Russian economy will shrink 1.9%, a poorer estimate than the December forecast which estimated a dip of only 0.7%.
The worsening of the forecast is due to a revaluation of oil prices for 2016. In the previous forecast the bank assumed that the average oil price would be 49 dollars per barrel. According to the bank’s new estimates, the average oil price this year will be about 37 dollars per barrel.
The new WB forecast also anticipates 1.1% growth in the …
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Millions more Russians living in poverty as economic crisis sinks in
Russia’s economic crisis has driven the country’s poverty rate to a nine-year high, according to data provided by the Russian Federal State Statistics Service (Rosstat).
In 2015, the number of people living in poverty reached 19 million (13.4% of the population), up from 16 million in 2014.
Rosstat reported that this is the highest rate since 2006.
The Statistics Service also reported that real incomes fell by 6.7% in February of this year compared to the same month in 2015.
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Real incomes in Russia fell by 6.9% in February
In February 2016, the real disposable income of Russian citizens fell by 6.9% compared to February 2015, as Interfax reported. February’s figures are the latest in a downward trend in the Russian Federation as a consequence of the economic crisis brought on by low oil prices and economic sanctions.
Disposable income in Russia fell by 6.3% in January, 0.7% in December, 5.4% in November, 5.6% in October, 4.3% in September, 5.3% in August, 2% in July, 3% in June, 6.3% in May, 3.9% in April, and 1. …
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Survey: 77% of foreign investors marked a deterioration in Russia’s business climate in 2015
According to a survey conducted by FleishmanHillard Vanguard and RSPP, 77% of foreign investors marked a deterioration of the business climate in Russia in 2015, as reported by Dozhd with reference to Kommersant.
Only 6% of respondents noted a positive trend in Russia over the last year, while 17% said that nothing had changed.
The sectors that are hardest hit by the economic crisis include the auto industry, construction sector, and electronics manufacturers. Companies that deal with …
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Operation in Syria could cost Russia up to $535 million
According to the RBC media outlet, Russia could spend at least 38 billion rubles or up to $535 million on the military operation in Syria. Since the beginning of the campaign its costs could have grown by almost half.Costs per dayDuring Russia's 167-day military campaign in Syria the daily cost of operations could have grown by almost 50%, RBC estimates, basing its calculation on the data that was revealed by the Defense Ministry and the experts' evaluations.At the end of October 2015 the cost …
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Russian Federation Council does not support prohibiting Russian banks from operating in Ukraine
Prohibiting national banks from opening branches in Ukraine and other unfriendly countries can disrupt their commercial and financial activities, as stated by Russian Federation Council member Sergey Kalashnikov.
The Federation Council called the proposal made by the Communist party to prohibit Russian banks from opening branches in Ukraine and other unfriendly countries senseless. According to the Deputy Chair of the Economic Committee of the Russian Duma Sergey Kalashnikov, "so we can build …
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Moscow Metro's construction workers go on strike due to unpaid wages
In Moscow, Metro construction workers are on strike, reports Dozhd. SMU Ingeocom workers are complaining about unpaid wages and refuse to go to work.
On Friday, nearly 40 people, mainly migrant workers, came to the offices of Ingeocom on Yakovoapostolsky Lane. Negotiations with SMU Ingeocom management were held with the Chairman of the Central Committee of the Trade Union of Migrant Workers, Renat Karimov. According to him, wages have not been paid due to underfunding.
"It should matter …
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Fitch forecasts decline in Russian GDP in 2016
The Fitch international ratings agency revised the forecast on Russia’s gross domestic product or GDP. As reported on the Fitch website, experts believe that the Russian GDP will fall by 1.5% this year.
As early as last December, they forecasted 0.5% GDP growth but in February 2016 this changed to a 1% decline. Low oil prices in Russia reduced oil company profits that led to budget tightening policies.
Meanwhile, high interest rates and declining salaries are reducing consumption, the Fitch …