You would need to have a standard for defining middle class. Is it middle class like in Western Europe or North America?
I have a question - how large is Russian middle class as a % of society?
Russian Economy General News: #13
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Re: Russian Economy General News: #13
"middle class" is a credit rating, and how much debt you can swallow with your actual - and developed due to need - income
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Re: Russian Economy General News: #13
The Central Bank will not change the rate for the third time in a row for the first time in two years - experts.
Despite the growth in budget spending, the reduction in export earnings and the outstripping growth of wages, the Central Bank will not raise the key rate, experts say. For the first time in two years, it may remain unchanged for three meetings in a row.
At a meeting on February 10, the Board of Directors of the Bank of Russia will leave the key rate at 7.5%, follows from the consensus forecast of Bloomberg and analysts, who studied RBC. All eight economists who participated in the agency's survey expect the Russian regulator to maintain the current rate at 7.5%. A similar opinion is shared by five out of six experts interviewed by RBC.
A long pause
The last time the Bank of Russia changed the key rate in September 2022, reducing it from 8% to 7.5%. At the next two meetings in October and December, the regulator kept it at the same level. The Central Bank does not often hold the rate unchanged for more than two meetings in a row: the last time it happened in 2020-2021. Within a few months after the start of the pandemic, the regulator lowered the rate from 6.25% to a historic low of 4.25% (by July 2020), then kept it at this level for four meetings in a row - until March 2021, after which it moved to tighten monetary policy.
However, the meeting will also discuss the option of raising the rate by 50 bp, admits Sergey Konygin, chief economist at Sinara investment bank. But, in his opinion, this is not the main option. Anton Prokudin, chief macroeconomist at Ingosstrakh Investments, on the contrary, believes that, choosing between an increase to 8% and maintaining 7.5%, the regulator will give preference to tightening policy due to an increase in the budget deficit in 2022 and a deterioration in the deficit forecast for 2023.
https://www.rbc.ru/finances/06/02/2023/63dd18429a794756feda8d19
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Re: Russian Economy General News: #13
Putin pointed to more positive results for Russia's GDP in 2022, contrary to forecasts
Russian President Vladimir Putin noted that he expects more positive final results on the country's GDP, contrary to preliminary calculations. He announced this on February 10 during a meeting with the Governor of the Arkhangelsk region Alexander Tsybulsky.
During the meeting, Tsybulsky reported to the head of state on the growth of the gross regional product index.
"The year 2022 as a whole in Russia will be even better than our preliminary calculations," Putin commented.
Earlier in the day, the Bank of Russia (CBR) estimated the country's GDP decline by the end of 2022 at 2.5%. The regulator also improved its forecast for GDP dynamics. So, in 2023, its interval will be from a decline of 1% to an increase of 1%. In addition, the Russian economy is expected to grow from 0.5% to 2.5% next year, and from 1.5% to 2.5% in 2025.
On February 9, Putin said that Russia has overcome the most difficult stages of economic difficulties that the West is trying to create. He pointed out that the growth in the current year is expected to be small, but it is present.
On January 31, the International Monetary Fund (IMF) presented a forecast for the Russian economy for 2023, which is expected to grow by 0.3% of GDP instead of the previously predicted fall of 2.3%. As noted, last year the country did not experience the projected 3.4% economic downturn — now it is estimated at 2.2%, followed by moderately positive growth in 2023.
The Ministry of Economic Development then noted that the IMF forecast is beginning to converge with Russian estimates. At the same time, the ministry intends to clarify the figures later in the framework of the forecast of socio-economic development.
On January 17, Putin announced that the country's federal budget deficit was 2.3% of GDP. According to him, this is remarkable, since before that, experts predicted that Russia's GDP would shrink by 20%.
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Re: Russian Economy General News: #13
substantial contributions to the GDP. So these low numbers are just moronic accounting where decline of flighty capital "investment" is
counted as just as important as new production of Russian engines, electronics, etc. The GDP is a garbage measure of the economy.
The GDP drop in 2022 was all due to the inflation spike. This spike has been dead and gone since the summer of 2022. How can the Russian
economy be stagnant in 2023 (1% "growth") if the joblessness is shrinking (now at historic lows) and new Russian production lines are opening
everywhere? The numbers are absurd.
PS. Russia uses the ILO definition of unemployment which is not like the joke official rates used before in countries like Canada (e.g. real unemployment
of 7% with official unemployment of 2%).
Last edited by kvs on Sat Feb 11, 2023 3:14 am; edited 1 time in total
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Re: Russian Economy General News: #13
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Re: Russian Economy General News: #13
but the GDP estimates are focused on.
I have been paying relatively close attention to the Russian economy since the late 1990s and it is clear to me that the only valid
GDP growth numbers were from 1990 until around 2010. After this there has been some sort of low-balling that may be for geopolitical
purposes but totally fails to reflect the economic reality. It is possible that this ploy has hoodwinked the NATzO deciders and gave
us the fiasco with the failure of Russia's economy to collapse in the response to the sanctions.
The GDP change is adjusted by the GDP deflator which is an aggregate factor from the CPI and PPI. Nabiullina's CBR has been
grossly overestimating the deflator. It has zero credibility with its chicken little yapping about inflationary instability in Russia.
Russia experienced massive growth during the 2000s when its consumer price inflation averaged 15% per year and the money supply
growth was almost 50% per year. Nabiullina deserves no credit for "saving" the Russian economy. The Russian economy
is doing the job for her and in fact she and her montarist buddies are sabotaging Russia's economy with their sabotage of
the financial system with high interest rates.
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Re: Russian Economy General News: #13
Domestic companies have been boosting capital spending to adjust to new economic realities.
Russia has weathered Ukraine-related Western sanctions by boosting investment in domestic production and new supply routes, Bloomberg reported on Wednesday, citing statistics and analysts.
According to the report, capital expenditure rose 6% last year, while many economists expected it to drop by as much as 20% shortly after the Ukraine conflict broke out.
The Bank of Russia said in a recent report that most Russian businesses either increased investment in 2022 or kept it at the same level as in the previous year. As a result, output shrank by merely 2%, much lower than economists predicted when the latest sanctions were first introduced.
The restrictions have left Russia cut off from many imports, and Russian companies were forced to either boost spending to replace now unavailable foreign equipment and software, or invest into setting up new routes to secure supplies from alternative markets. Four out of five of the most capital-intensive sectors of the Russian economy increased investment spending, including transportation, mining, real estate, and science and technology, according to the Federal Statistics Service (Rosstat).
One of the country’s biggest steelmakers, Severstal, shifted investment away from projects that were at risk of disruptions due to sanctions, and is currently investing in domestically produced information technology for the metals industry. Major banks, like Sber and VTB, are also investing to replace foreign software. Last month, reports emerged that the lenders plan to start issuing stickers containing NFC (Near-Field Communication) chips to replace foreign contactless payment services, like Apple Pay and Google Pay, which are no longer working in Russia.
The volume of investments in commercial real estate last year hit a historic high of 487.2 billion rubles ($6.8 billion), 21% higher than in 2021, according to a study by real-estate firm NF Group.
“The volume of investments was record-breaking with a minimal share of foreign capital. Russian investors are becoming owners of the vast majority of premium properties in various segments and this trend is likely to continue until the outgoing companies sell all their assets,” the broker said.
Gas and oil producers, meanwhile, also boosted spending on either transport infrastructure or to fund a reorientation of exports from the West.
“This trend should support fixed investment in the years to come,” Tatiana Orlova of Oxford Economics told Bloomberg.
Many businesses also profited from government grants and programs supporting import substitution. According to Rosstat, state financing was among the biggest sources of capital expenditure, amounting to some 17.8%.
“Difficult times will pass, while projects will remain – they are long-term, so we aren’t stopping anything,” Sergey Yanchukov, head of Mangazeya group, a diversified company whose main activities are gold mining, construction and development, told the news outlet. He noted that the company sees it “necessary to move forward” and invest for the future.
https://www.rt.com/business/571154-record-investment-russia-sanctions/
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The surge was triggered by increased purchases of discounted crude oil.
India’s imports from sanctions-hit Russia have leapt by 400% so far this fiscal year, the Nikkei Asia news website reported on Friday, citing the latest data from the Indian Commerce Ministry.
The growth is attributed to large-scale purchases of discounted crude oil from Russia amid Western sanctions, which recently targeted the country’s exports of seaborne oil and petroleum products, including fuel and gasoline.
Russia was reportedly ranked India’s fourth biggest “merchandise import source nation” in the first 10 months of the current fiscal year through March, after China, the United Arab Emirates and the US.
The total value of Indian imports from Russia amounted to $37.31 billion, up from $7.71 billion in the same period a year ago, marking growth of 384%. Russia accounted for 6.2% of the South Asian country’s total imports during the period.
India has bought “a lot of crude, converted it into refined petroleum products and sold it,” Commerce Secretary Sunil Barthwal said, as cited by the media outlet.
India’s exports of petroleum products also saw a significant increase. From April 2022 to January 2023, they amounted to $78.58 billion in monetary terms, compared to $50.77 billion in the corresponding period of the previous financial year.
India, which is the world’s third-biggest oil consumer, importing more than 80% of its requirements, purchased over 60% of its crude from Middle Eastern countries.
In December, External Affairs Minister S. Jaishankar said Indian refiners would go for the best deals wherever they find them.
“I would like to clarify we do not ask our companies to buy Russian oil,” he said. “We ask our companies to buy oil that is the best option that they can get. Now, it depends on what the market throws up.”
https://www.rt.com/business/571689-india-imports-russia-surge-oil/
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Re: Russian Economy General News: #13
German media reported on Saturday that Berlin reportedly bought almost 30 percent of its coal imports from Russia, which has been sanctioned since last year.
Russia retained its position as Germany's largest coal supplier last year despite sanctions that banned imports of the country's fossil fuel from mid-2022.
The information is from the Bild newspaper, which cites data from the German coal importers association (VDKi).
According to the report, Germany purchased a total of 44.4 million tons of coal in 2022, an increase of 8 percent over the previous year.
Although imports of Russia's fossil fuel fell 37 percent from 2021 figures, Moscow still delivered about 13 million tons to the European nation, accounting for about 29 percent of its total imports.
In comparison, the U.S. supplied 9.4 million tons, an increase of 32 percent over the previous year, while Colombia became the third largest supplier with 7.2 million tons, an increase of 210 percent.
Shipments from South Africa also increased substantially, by 278% year-on-year, to 3.9 million tonnes. Australia was the fourth largest supplier of coal with 6.3 million tonnes.
The European Union banned coal imports from Russia on August 10, 2022 as part of a package of sanctions.
In 2021, Russia accounted for about 70 percent of the bloc's coal imports, with Germany and Poland particularly dependent on Russian fossil fuel as much of those countries ' electricity is produced by coal-fired power plants.
Germany has come under pressure to increase its coal use in recent months as a result of energy shortages and rising energy prices caused by reduced gas supplies from Russia following Western sanctions.
Earlier this month, VDKi chief Alexander Bethe criticized the policies of the EU and Germany, which seek to abandon coal in favor of cleaner energy.
He argues that the plans are too ambitious, and that the notion that Europe will only need coal for one or two more winters is far from reality.
Yandex Translate from Portuguese
https://sputniknewsbrasil.com.br/20230225/russia-continua-a-ser-o-maior-fornecedor-de-carvao-da-alemanha-diz-jornal-27825654.html
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Re: Russian Economy General News: #13
I do not doubt there was a GDP contraction, most foreign operated car factories in Russia closed down for example, and there were other cases. But the economy will recover and it should not take more than 2 years. That business will not be going back to Europe and will become property of either Russian or Eastern investors.
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Re: Russian Economy General News: #13
Survey Shows Russians Increasingly Confident About Economic Future
The extensive sanctions imposed on Russia after its invasion of Ukraine one year ago have not led to the decimation of the Russian economy, as many experts had predicted. As recently as last fall, according to new polling data, many Russians actually believed they were better off economically than they had been before the war started.
According to data gathered by the Gallup organization, the share of Russians reporting they were satisfied with their standard of living increased by 15 percentage points, to 57% in 2022. For the first time in the poll's history, satisfaction with living standards was above 50% in every region of the country.
The number of Russians reporting that their economic conditions were improving grew to 44% from 40%, while the number who said their economic prospects were declining plummeted to 29% from 50%.
Similarly, the percentage of Russians reporting that they were satisfied with the country's leadership surged to 66%, up from 50% in 2021, while the share reporting that they were dissatisfied fell from just under half to only 21%.
The survey is part of Gallup's expansive annual World Poll, which conducts large-scale polling in dozens of countries around the world every year. The poll of Russian citizens was taken between mid-August and early November of last year, and therefore cannot have captured any changes in attitudes since the fall. The survey involved in-person interviews with a random sample of 2,000 individuals ages 15 or older, living in Russia. The margin of sampling error is plus or minus 2.6 percentage points.
Surprising resilience
Recent data has demonstrated that the impact of international sanctions on Russia was not nearly as dramatic as the 10% contraction that many economists were foreseeing in 2022. The Russian economy contracted by a relatively mild 2.1% in 2022, and the International Monetary Fund has predicted that it will post small, but positive growth of 0.3% in 2023.
Russia began the war with a financial system braced for sanctions. The Russian central bank used currency controls and sharp interest rate hikes to stabilize the ruble early in the first year of the war. At the same time, Russian businesses began exploring deeper ties with countries such as China, India and Turkey, which allowed trade in goods and commodities to largely recover from initial dips at the outset of the conflict.
The biggest reason for Russia's surprising resilience, however, was that it was allowed to continue selling petroleum products, far and away its largest source of pre-war revenue, on global markets. Prices were elevated at the outset of the fighting, and a slow move by many Western nations away from Russian oil and gas gave Russian firms time to broaden their sales to countries such as India and China.
In an address to the nation this week, Russian President Vladimir Putin touted the country's economic performance.
"The Russian economy and system of governance proved to be much stronger than the West supposed," he said. "Their calculation did not come to pass."
'Rally' effect
Benedict Vigers, a consultant with Gallup, told VOA that the better-than-expected performance of the Russian economy may explain some of the economic optimism. However, a strong "rally-round-the-flag" effect is probably also in place.
When two countries go to war, there is a tendency for the people in both countries to demonstrate stronger affection for and satisfaction with their respective homelands, Vigers said.
"It is a well-known effect in Russia," he said. "We have seen it historically, and it is happening now, in conjunction, to some degree, with Russia's broader ability to evade some of the worst impacts of Western sanctions."
He pointed out a similar spike in Russians reporting optimism about the economy and satisfaction with their government in the wake of the invasion of Ukraine's Crimean Peninsula in 2014.
Repression of dissent
Another factor potentially coloring the responses to the Gallup survey is the fact that the Russian government aggressively punishes public criticism of the government, and has done so with more frequency in the months since launching its invasion of Ukraine. Tens of thousands of Russian citizens have been arrested for protesting against the war.
Galina Zapryanova, Gallup's regional director for Eastern Europe and the former Soviet Union, told VOA in an email that the company cannot rule out the possibility that fear of reprisal affects peoples' answers to poll questions.
"It is certainly possible that some people would not give a truly honest answer on questions related to approval of government policies, etc. — they may give the 'safest' answer that they consider most appropriate," she wrote.
"This is a risk in all survey research in countries that are not entirely free, but we need to try our best to obtain representative data, while keeping in mind that a portion of any trend could be due to self-censorship by respondents."
However, she noted that on the question of how Russians feel about the future of the economy, 56% opted for a response other than the seemingly "safe" option of declaring themselves optimistic.
Economic data suppressed
Another potentially complicating factor is that since the invasion in February 2022, the Kremlin has significantly closed off access to economic data that used to be public information.
"As far as mass media is concerned, economic information just recently fell victim to censorship," Vasily Gatov, a senior fellow at the University of Southern California Center on Communication Leadership and Policy, told VOA. "Until spring last year, the Kremlin literally didn't control narratives and the way people were writing about the economy in general."
Gatov, who studies Russian media, said that since then, the government has blocked access to many reports on economic activity, making it more difficult for journalists and academics to get a full picture of what is happening with the Russian economy.
However, Gatov said, while it may be possible for the Kremlin to control access to some information, much of people's perception about the economy comes from their own lived experiences.
"People receive economic information from various sources, and not always media sources," he said. "One of them is their bank account. Another is prices at the gas station or grocery store."
Without addressing the Gallup findings specifically, Gatov said that in his view, Russians "read between the lines" of information coming from the Kremlin and Kremlin-controlled media sources.
He said that they see major international brands refusing to do business in their country and are experiencing infrequent but serious shortages such as an ongoing lack of Western-produced drugs like insulin. "Russians are skeptical about the economic future of the country."
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Re: Russian Economy General News: #13
MOSCOW, March 2. /TASS/. The Russian budget system received more than 5 trillion rubles ($66.22 bln) of tax revenues in January-February 2023, which is more than last year, Finance Minister Anton Siluanov said on Thursday in an interview with RT.
"The Russian budget system received more than 5 trillion rubles in tax revenues in the first two months of 2023, exceeding the same figure last year. The Treasury is currently distributing these funds based on the budget system's levels," he said.
Earlier Siluanov said that the federal budget deficit in 2023 will be within 2% of GDP and all planned expenditures, including social obligations, will be met.
https://tass.com/russia/1584225
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Russia’s foreign debt decreased for the first time in three years in 2022, official data from the country’s Accounts Chamber showed on Thursday.
External debt amounted to 4.04 trillion rubles ($53.3 billion) last year, down from 4.44 trillion ($58.5 billion) in 2021, according to the department. The figure had been steadily growing in 2019 and 2020.
Meanwhile, the country’s total national debt amounted to 22.82 trillion rubles ($302.7 billion) last year, putting the debt-to-GDP ratio at 17.1%, down from 18.1%.
The Accounts Chamber noted that the debt figures are within the “norm,” while the debt-to-GDP ratio, a fundamental indicator of economic stability, is the lowest among the G20, which signals that Russia’s economy is in good shape.
“Taking into account the accumulated reserves, the public debt of the Russian Federation is currently at a safe level,” the Accounts Chamber press service said.
Last year, many experts predicted a drastic downturn for the Russian economy amid the military operation in Ukraine and unprecedented sanctions and economic restrictions imposed by the West in retaliation.
However, official figures released earlier this month showed Russia’s GDP having decreased by just 2.1% in 2022, far better than some earlier Western projections of a decline of up to 20%. The IMF recently improved its forecast for Russia’s economy and now expects the country’s GDP to return to growth, rising by 0.3% this year and by 2.1% in 2024.
https://www.rt.com/business/572308-russia-low-foreign-debt/
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Re: Russian Economy General News: #13
https://tradingeconomics.com/russia/external-debt
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Re: Russian Economy General News: #13
Ministry of Economic Development: inflation in annual terms slowed down from 9.43 to 7.65 percent.
MOSCOW, March 15 - RIA Novosti. Inflation in Russia in annual terms slowed to 7.65% on March 13 against 9.43% a week earlier, follows from the review of the Ministry of Economic Development "On the current price situation."
"In the week from March 7 to March 13, 2023, inflation was 0.02%. In annual terms, the price growth rate decreased to 7.65% in annual terms," the document says.
This is the lowest annual inflation rate since mid-October 2021.
As indicated in the review, during the reporting week, deflation in the food segment continued and amounted to 0.05%, primarily due to cheaper fruits and vegetables and a renewed decline in prices for other food products (minus 0.04%).
At the same time, in the non-food sector, prices remained virtually unchanged during the reporting week (minus 0.01%), and in the service sector, price growth accelerated (up to 0.22%) due to an increase in prices for air tickets for domestic flights, the Ministry of Economic Development added.
The head of the Ministry of Economic Development Maxim Reshetnikov said earlier that inflation in annual terms will drop significantly at the end of the first quarter . He explained this by the fact that the peak of price growth in the spring of 2022 would leave the inflation calculation base. Reshetnikov also did not rule out that in the second quarter inflation in annual terms for some time would even be below the target level of 4%.
According to the forecast of the Ministry of Economic Development, inflation this year will be 5.5%. In April, the ministry plans to submit updated macro forecast data for the current and subsequent years to the government. At the same time, the Bank of Russia, which updated its medium-term forecast in early February, kept inflation estimates in 2023 at the level of 5-7%.
https://ria.ru/20230315/inflyatsiya-1858139953.html
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Re: Russian Economy General News: #13
The 8% figure is for the one year period ending in March and includes last year's inflation surge.
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Re: Russian Economy General News: #13
https://svpressa-ru.translate.goog/economy/article/365600/?utm_source=finobzor.ru&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
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Re: Russian Economy General News: #13
The Central Bank kept the key rate at 7.5 percent per annum for the fourth time in a row.
MOSCOW, March 17 - RIA Novosti. The Central Bank kept the key rate unchanged for the fourth time in a row, the regulator said in a release.
On March 17, 2023, the Board of Directors of the Bank of Russia decided to keep the key rate at 7.50 percent per annum.
The central bank lowered the rate to this level last September.
Analysts polled by RIA Novosti expected the key rate to remain unchanged. The agency's interlocutors explained their forecast by a slowdown in inflation and inflation expectations in Russia, as well as uncertainty in the global economy amid turbulence in global financial markets.
In October last year, the regulator interrupted the key rate cut cycle, leaving it unchanged for the first time since March. The Bank of Russia did not change it in December and February.
At the first meeting in 2023, the Central Bank tightened the key rate signal. The regulator indicated that it would consider the option of increasing this indicator in case of increased pro-inflationary risks.
https://ria.ru/20230317/stavka-1858575664.html.
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Re: Russian Economy General News: #13
Russian banking sector and make Russia dependent on foreign capital. So when there is an international banking crisis, Russia
crashes and burns with the rest of the clown states.
@franco,
Exactly the same bitching can be done about the US and the west. The average income is higher than the median income and
GDP per capita does not mean that every human, including babies and death bed elderly, makes that amount of money. The
quality of life in Russian regions has to be measured by how well people can feed, clothe and shelter themselves. I find such
articles to be 5th column garbage since their job is to maintain the bubble of delusion in Russia about some wonderful standard
of living in the precious west.
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Re: Russian Economy General News: #13
Galina Zapryanova, Gallup's regional director for Eastern Europe and the former Soviet Union, told VOA in an email that the company cannot rule out the possibility that fear of reprisal affects peoples' answers to poll questions.
It seems economists are a core of pro west 5th columnists around the world... the people being arrested are people spreading Kievs propaganda and fear mongering that can do Russian soldiers and the country of Russia damage. They can dress it up any way they please but they are hurting their country.
1% annual inflation but the interest is 7.5%. What a retarded joke
I don't think very low interest rates are good... it encourages people to get into debt, and it essentially says to people that you wont get much value from money in the bank so don't save up, spend it now... which is great for a consumer based economy, but everyone ends up with houses full of shit they don't need and no money in the bank.
Sensible people might buy land which will become more valuable over time, but the costs of owning land will often force them to sell parts of it to keep the rest and cause a lot of stress when government agencies demand you build something on the land or do something with it, when the intention was just to keep money in the land and make a massive profit when it comes time to sell 10 years later when land in that area has gone mental because everyone else wants to buy land.
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Re: Russian Economy General News: #13
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Re: Russian Economy General News: #13
franco wrote:A look at "average salary" versus "median salary" in Russia;
https://svpressa-ru.translate.goog/economy/article/365600/?utm_source=finobzor.ru&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
The pathetic shit of some pro-Western moron who is trying to imagine the situation in Russia worse than it really is. Why is there no point in median salary data? Simply because until now a significant part of those employed in the private sector receive "gray" or "black" salaries. "Gray" - when only the minimum salary is formalized, and the remainder is issued in cash in envelopes. "Black" - when the salary is completely hidden from taxes, and the person is not officially arranged. So the statistics are necessarily distorted. And in this case it is always better to rely on a larger value, not a smaller one. In addition, it is easier to rely on the amount of consumption to estimate income, which shows the real financial situation. Tens of millions of square meters of housing are being built in Russia, the cost of which flies into the heavens - and it is still being sold out. All yards are clogged with personal cars, there is nowhere to place them, since they do not have time to build parking lots for them.
In 2022, 62 million tourist trips were made within Russia by citizens, and these are only those who were accommodated in hotels. Add here another 7 million trips for tourist purposes outside of Russia.
The average size of bank deposits of individuals in Russia is 259,200 rubles per capita.
The average cost of housing in the secondary market of Russia is 93,000 rubles per square meter. In 2022, approximately 4 million apartments were purchased in Russia and deals were concluded for the construction of about 400 thousand individual houses.
In 2022 , 160.2 million square meters were commissioned in Russia . m of real estate, including 126.7 million "squares" in residential buildings
The average price of an apartment in Moscow new buildings is 20,672,000 rubles
Is it similar to the fact that the majority of the Russian population earns less than 45 thousand rubles a month?
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kvs- Posts : 15691
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Join date : 2014-09-11
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- Post n°174
Re: Russian Economy General News: #13
Forward looking is how such inflation figures are usually used to infer inflation for longer periods, not centered or for previous periods.
If the particular weekly inflation was being compared to the week from the previous year then it would imply a 0.02% annual inflation which
clearly about 8%.
It's March of 2023 and the inflation over the previous year is already down to 8%. Clearly the last few months cannot have a high inflation
since they are diluting last year's inflation spike.
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kvs- Posts : 15691
Points : 15826
Join date : 2014-09-11
Location : Turdope's Kanada
- Post n°175
Re: Russian Economy General News: #13
in Kanada who was going on about how the SuperJet was a vapourware project. Among other hater tripe. He was repeating the latest
"intellectual" exertion of the liberast pundits and media in Russia. This was a while back and I have not kept in touch with any such
liberasts since then. I don't need to have shit poured in my ear. I can do that by consuming Kanadian mass media.
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