Rosstat recorded an increase in unemployment and an acceleration of the decline in real incomes of the population

The total number of unemployed in Russia in October 2017 increased to 5.1% of the economically active population. Over the month, according to Rosstat, the number of unemployed in the Russian Federation increased by 44 thousand people, to 3 million 859 thousand.

In August, the unemployment rate in the Russian Federation was a record low for the past several years - 4.9%, in September this figure was 5.1%.

Rosstat also recorded an acceleration in the rate of decline in real incomes of the population in October. Compared to October 2016, incomes fell by 1.3%. In September and August, the decline in real incomes was 0.3% year-on-year. Real disposable incomes of the population have been declining in Russia for the fourth year in a row.

In addition, Rosstat presented updated data on GDP growth for three quarters of 2017. According to the agency's estimates, Russia's gross domestic product grew by 1.6% during this period. Rosstat's data turned out to be worse than the Ministry of Economic Development's forecast, which expected GDP growth from January to September to be 1.8% in annual terms.

In October, Rosstat previously reported, Russia recorded zero growth in industrial production in annual terms, which also turned out to be worse than forecast.

• The Ministry of Economic Development expects GDP growth to be 2.1% by the end of 2017. In mid-November, after Rosstat published data on GDP growth in the third quarter of 1.8% (the Ministry of Economic Development predicted growth of 2.2%), the Minister of Economic Development Maxim Oreshkin said that his department does not yet see any reason to revise the forecast.
• The head of the Central Bank, Elvira Nabiullina, in turn, stated that the regulator predicts that Russia’s GDP growth by the end of the year will be 1.8%.