Income and Savings
Continued economic growth and
relatively low inflation led to a rise in household real
disposable money income. In January-February 2004, it
rose 15.3% compared to the same period last year
(January-February 2003 growth stood at 15.7%). Excluding
seasonal and random factors, real disposable money
income grew 1.0% in February month on month.
The average monthly nominal
imputed wage rose 13.0% in real terms in
January-February 2004 compared to the same period last
year and equaled 5,962 rubles a month. The number of
workers and employees who were owed a debt on their
wages and salaries by March 2004 amounted to 4.8
million, or 7.2% of the total number of workers employed
in the economy. This represents a year-on-year decrease
of 3.4 percentage points. Aggregate wage arrears
amounted to 28,072 million rubles as of March 1, 2004, a
growth of 14.9% on the beginning of the year (of this,
the wage debt accrued as a result of under financing
from the budgets of all levels expanded 39%).
The average imputed monthly
pension stood at 1,763 rubles in January-February 2004,
an increase of 7.2% on the same period last year in real
Growth in household money income
in early 2004 encouraged the expansion of consumer
spending, which increased 10.4% in real terms in
January-February 2004. The share of household spending
on goods and services in household income contracted by
3.2 percentage points in January-February 2004 to 70.9%.
The share of household spending
on the purchase of foreign exchange contracted
significantly in January-February 2004 - to 5.5% against
9.0% in the same period last year.
Public propensity for organised
savings rose by 3.6 percentage points in
January-February 2004 year on year to 16.2%.
The value of personal bank
deposits as of February 1, 2004, rose 44.9% year on
year. Sberbank’s accounted for 62.3% of the aggregate
savings value as of the same date against 66.8% as of
February 1, 2003, while Sberbank’s share in foreign
currency household deposits with banks stood at 44.8%.