Consumption and households' incomes in 2024

Olga Izryadnova
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Olga Izryadnova: Gaidar Institute for Economic Policy

Published Papers from Gaidar Institute for Economic Policy

Abstract: Starting conditions offinal consumption in 2024 were defined by favorable situation in the social sector due to the trend ofthe previous year, i. e. growth ofreal disposable households’ incomes by 6.1%, real wages by 8.2%, real size of awarded pensions by 3.3% and household expenditures by 7.5%. Higher government spending on final consumption played a key role in mitigating shocks ofthe inflationary wave, reducing tensions in the labor market and retaining social resilience of households. In 2024, growth in real disposable cash incomes accelerated to 7.3%, wages to 9.1% and had an incentive effect on increasing consumer and investment activity ofthe households. Household final consumption expenditures increased by 5.5% in 2024. Undoubtedly, the acceleration of dynamics of public consumption expenditures up to 104.5% vs. previous year had a positive impact on the social sector.

Keywords: Russian economy; households; income; poverty (search for similar items in EconPapers)
JEL-codes: I30 I31 (search for similar items in EconPapers)
Pages: 3 pages
Date: 2025, Revised 2025
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