Expenses Russians exceeded their incomes for the first time since 1998 – RBC

Photo: Yekaterina Kuzmina / RBC

In 2015, Russia’s population spending exceeded their incomes by 420 billion rubles., Rosstat data show. According to experts, such was the first time in 18 years

The difference between revenues and expenditures of Russian citizens on the results of 2015 was negative. As evidenced by the annual Rosstat statistics, it amounted to 418 billion rubles. At the Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF) point out that the Russians spent more than they earned, for the first time in 18 years, says “Kommersant».

As told by representatives of the center in a conversation with “Kommersant”, in last time “balance” of costs and incomes do not converge on the scale of the economy in 1998. Among the reasons for this trend, the newspaper refers to the need to repay bank loans, to save and buy the currency. So, in December of last year the Russians to 21.6% increased their savings in ruble deposits (compared to 11% in December of the previous year).

According to Igor Polyakov of CMASF growth of ruble deposits is not an indication that citizens prefer to save money. “It is postponed for future consumption. In the structure of deposits 56.5% – still deposits up to one year “, – he explained the expert

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Rosstat relates to expenses and purchase of foreign currency citizens. At the same time the reduction of ruble resources reflected in the sharp decrease in the volume of net purchases of foreign currency. According to Polyakov, in 2015 it amounted to $ 12 billion versus $ 40.7 billion in 2014.

According to Rosstat, in the past year was the most significant in the last three years, decline in spending on goods and services. This indicator fell by 4 percentage points to 71.3%. In addition, during the second half of 2015 stopped growing nominal wages. The most significant reduction in the rate of growth has occurred in the public sector.

In the middle of January, Economic Development Minister Alexei Ulyukayev said that the transition of the population of consumer behaviors towards savings is one of the major risks to the economy. The transition to a savings model suggests that people are beginning to assess the future prospects of different and “begin, without realizing it, to live in the new normality,” said the minister.