Households’ Real Disposable Income Grows from the Beginning of the Year

In April 2013, nominal average per capita income of the population amounted to Rb 25,439, while in the 1st quarter of 2013 it was equal on average to Rb 21,204 a month, including Rb 23,462.3 in March. In April 2013 and January-April 2013, nominal growth in income amounted to 8.4% and 113.2% as compared to the respective period of 2012, respectively, while in the first four months of 2012 nominal cash income of the population rose by 6.3% as compared to the same period of 2011.

In the 1st quarter, real disposable cash income of the population decreased by 24.3% as compared to the 4th quarter of 2012 which figure is fairly within the limits of that index's seasonal fluctuations related to payment of bonuses, the 13th salary and other remunerations at the end of the year (in the 1st quarter such a decrease amounted to 24%). As compared to the 1st quarter of 2012, in the 1st quarter of 2013 growth in real disposable cash income of the population amounted to 5.3% (1.6% in the same period a year before). In April, real disposable cash income of the population kept growing and its growth amounted to 7.4% as compared to March.

In April 2013, the monthly average accrued wages of a worker amounted to Rb 28,836 a month; within four months of 2013 it amounted to Rb 27,714 a month. In April, the monthly average nominal accrued wages amounted to 100.5% on the previous period, while in the 1st quarter, to 90.4% (101.2% and 90.7% in the respective periods of 2012). As compared to the respective period of the previous year, the monthly average accrued wages of a worker increased by 111.9%, 111.7% and 111.8% in the 1st quarter of 2013, in April and within four months of 2013, respectively.

In April 2013, real accrued wages remained at the level of the March value of the index. It is to be noted, that in the 1st quarter of 2013 the value of that index decreased by 11.3% as compared to the 4th quarter of 2012 (a decrease of 10.5% in the same period of 2012). As compared to the respective period of 2012, in the 1st quarter of 2013 real accrued wages rose by 4.5% (4.3% in January-April).

It appears that the trend of diminishing overdue debt on wages and salaries - which was observed from 2009-2010 - is over by 2013: from February the value of the index exceeds those of the respective periods of the previous year. The entire overdue debt on wages and salaries is virtually determined by a lack of own funds with business entities which situation is related to a great extent to the fact that enterprises experience problems in receiving loans and there are enterprises whose profit margin is low. As of the beginning of May, the volume of the overdue debt on wages and salaries amounts to about 1.2% of the monthly remuneration fund of workers in the surveyed lines of business.

С.G. Misikhina, Leading Researcher