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Unemployment rate in Russia increased by 30%

The unemployment rate in Russian regions at the end of Q2 2020 increased by an average of 30% compared to the same period last year, writes Kommersant, citing Rosstat. In Q2 2020, the unemployment rate in the Russian Federation was equal to 6% of the total labor force, this figure increased by 1.4 pp both in comparison with Q1 2020 and in Q2 last year.
In the Moscow region, the indicator increased from 2.6% to 3.8%, in the Leningrad region – from 3.7% to 5.1%, in the Rostov region – from 4.5% to 5.2%, in the Stavropol region – from 4.4% to 6.1%, in the Penza region – from 4.3% to 5.8%. High growth rates were demonstrated by Moscow – plus 53% (from 1.3% to 2% of the labor force) and St. Petersburg – immediately plus 93% (from 1.4% to 2.7%). The unemployment rate in these two cities remains the lowest in the country. The maximum level is noted in the North Caucasus, the “anti-leader” is Ingushetia with an unemployment rate of 30.1% against 26.1% a year earlier. In absolute terms, the maximum number of unemployed is in Dagestan, where on average there were 212 thousand of them per quarter, in the Krasnodar Territory there were 181 thousand unemployed, in Moscow – 145 thousand.
Against the background of an increase in the number of unemployed according to the methodology of the International Labor Organization, the level of registered unemployment in Russia has also grown – since April it has increased by 3.5 times, and now about 3 million people are registered with employment services. If earlier no more than a quarter of those who lost their jobs applied for benefits, now up to half of the 4.5 million current unemployed can register.

 

Source: www.banki.ru

News
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

Net capital outflow from Russia by the private sector by the end of 2020 increased 2.2 times compared to the same period last year and amounted to $47.8 billion.

The decline in foreign direct investment (FDI) in the Russian Federation in January-September 2020 amounted to about 80%, according to the report of the World Bank (WB).
Net capital outflow from Russia since the beginning of the year has approached $48 billion.
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