Russians expenses exceeded their income for the first time since 1998

The difference between the income and expenses of inhabitants of Russia by the end of 2015 was negative. As evidenced by the annual statistics of Rosstat, it was 420 billion rubles In the Center for macroeconomic analysis and short-term forecasting (CMASF) notice that the Russians spent more than earned, for the first time in 18 years, writes “Kommersant”.

As told representatives of the center in conversation with “Kommersant”, the last time a “balance” of costs and incomes did not converge to the economy in 1998. Among the reasons for this trend, the newspaper said the need to repay Bank loans, make savings and to buy the currency. So, in December of last year the Russians to 21.6% increased savings in the form of rouble-denominated deposits (compared with 11% in December of the previous year).

According to Igor Polyakov from Cmake, the growth of ruble deposits is not an indication that citizens prefer to sabercat funds. “This is deferred for future consumption. In the structure of deposits of 56.5% continued contributions to year”, — explained the expert.

Rosstat refers to the consumption and purchase of currency by citizens. The reduction of ruble resources was reflected in a sharp decline in net purchases of foreign currency. According to Polyakov, in 2015 it is $12 billion, from $40,7 billion in 2014.

According to Rosstat, last year saw the most significant over the past three years to lower costs of goods and services. This indicator fell 4 percentage points to 71.3%. In addition, in the second half of 2015 stopped growing nominal wages. The most notable reduction of growth rate occurred in the public sector.

In mid-January, the head of Minekonomrazvitia Alexei Ulyukayev said that the transition of the population from the consumer behavior pattern to savings is one of the major risks for the economy. The transition to a savings model suggests that people are beginning to assess the future prospects differently and “begin without knowing it, to live in a new normality”, said the Minister.