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пятница, 1 мая 2015 г.

Improvement of the economy calls for action, not talk

 The Russian economy continues to crumble
 
Against the background of the encouraging statements by top Russian leadership and government officials about overcoming the bottom of the crisis monitoring March Economic Development shows that the situation in the domestic economy continues to deteriorate. "The figures for March this year showed deepening recession," - stated in the materials of the Ministry, RIA "New Day".According to the Ministry of Economic Development, GDP excluding seasonal and calendar factors declined in March by 1.0%, accelerating almost tripled after falling 0.3% in February. GDP by March of last year fell by 3.4%.



According to the ministry, the negative impact on GDP dynamics in March have had a reduction in trade volumes, the decline in construction and a drop in exports of gas at a conservative estimate of the dynamics of petroleum products. The rate of reduction of net taxes on products and imports in March was more profound -5.3% to the corresponding period last year. By the use of revenues the greatest negative impact on the GDP had a decline in investment in fixed assets and a decrease in retail trade turnover. Thus, it is estimated that the wave of recession in the I quarter has moved from February to March.In January - March 2015, GDP declined by 2.2%, which the ministry attributed the decline in construction, manufacturing and retail trade. In particular, the level of industrial production in March 2015 decreased by an annualized rate of 0.6% in the first quarter - by 0.4%. At the same time in a number of sectors fall was much stronger. For example, in the textile and clothing industry production volumes decreased by 19.4%, in the production of leather, leather products and footwear - by 15.7%, transportation means and equipment - 13.5%.The construction of the scope of work in March 2015 fell by 6.7%, the worst result since June 2014. At the same time the growth rate of the commissioning of housing increased in March just 24.4% (compared to March 2014).However, as stated in the report of the Ministry, which began in late 2014 reduced demand for labor has continued and in 2015. According to the Ministry of Economic Development, the overall unemployment rate in the I quarter of 2015 increased to 5.1% of the economically active population (with the exception of seasonal factors) in January to 5.5% in March. As a result, the average unemployment rate for the I quarter amounted to 5.3% of the economically active population.In January-March inflation rate was 7.4% (previous year - 2.3%), which was the highest rate since 1999. In March, consumer price inflation fell to 1.2% from 2.2% in February, but for the year it continued to increase to 16.9% by March 2014.The mayor also brought the March Rosstat data on business activity from which it follows that among the constraints, according to the executives, the growth of production prevails insufficient demand for the products in the domestic market, the uncertainty of the economic situation and the high level of taxation.At the same time, according to the report, for I quarter were increased decline in real disposable income. According to the results for January - March 2015 real disposable income decreased by 1.4% compared with the corresponding period of the previous year. In March, real disposable income fell by 1.8% against a decline of 1.6% in February relative to the corresponding period of 2014.Real wages in the I quarter of 2015 compared to the same period last year decreased by 8.3%. At the same time in March, it has fallen by 9.3% against a decline of 7.4% in February.Andrei Romanov

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