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52,2

45,2

47,7

49,8

49,3

government agencies

19,1

14,6

14,9

16,2

16,9

16,9

Gross savings

15,4

15,0

18,6

22,1

21,1

20,4

Including:

Gross capital savings

16,5

14,5

16,9

18,7

17,9

18,1

Net export of goods and services

6,8

17,0

20,1

12,8

10,8

11,2

Source: the Russian State Statistics Committee (Goskomstat).

Recovery of social development parameters led to substantial changes in the structure of earnings and spending. The structure of the employed population accounts for 92,1% of employees and only 7,9% of the self-employed: full-time employees hired by employers and self-employed individuals. Consequently, this has an effect on the structure of earnings of the population and the GDP. Wages account for 65% of the earnings of the population, while the share of wages of the employees account for 46% of the GDP structure. Analysis of the dynamics of real earnings in the recovery period reveals that outgrowing wages had a dominant impact on the character of changes in social parameters. Wage increase of the employees in the GDP structure is linked to the existing drift in outgrowing wages as against labor productivity. Such a wage growth was accompanied by a decrease in gross profit on the economy from 42,7% in 2000 to 40,3% in 2003. In spite of the fact that growth of these two parameters was noted to become more balanced in 2003, this process has no material impact on integrating parameters. The share of earnings of enterprise and property income in the GDP remains smaller than that prior to the crisis of 1998 and accounts for nearly 17% in earnings of the population.

Table 4

Money Earnings Structure of Population between
1999 and 2003, as % of total

1999

2000

2001

2002

2003

Total money earnings

100

100

100

100

100

wages, including hidden wages

66,5

62,8

64,6

66,5

66,7

Earnings of enterprise

12,4

15,4

12,6

12,1

11,4

Property income

7,1

6,8

5,7

4,8

5,4

Social payments

13,1

13,8

15,2

14,7

14,3

Other earnings

0,9

1,2

1,9

1,9

2,2

Source: the Russian State Statistics Committee (Goskomstat).

Structural changes in money earnings of the population were accompanied by changes in distribution of the population by the amount of average per capita earnings. In 2002, with the average per capita earnings of the population being 3950 rubles and wages – 4360 rubles, the share of population with earnings between 3000 and 4000 rubles accounted for 15,2% as against 10,5% in 2000. In 2003, with a growth in the average per capita earnings by 129,3% and wages by 125,5%, the share of population with earnings between 4000 and 7000 rubles increased by nearly 4,7 percentage points as opposed to the previous year, while the share of the population with earnings being up to 3000 rubles increased almost by 12,6 percentage points as opposed to 2002. However, the socio-economic differentiation of the population by earnings remained the same. According to the estimates of 2003, the fund coefficient which represents the mean ratio of average figures of highest to lowest earnings of corresponding decile groups of population, increased to 14,3 as against 14,0 between 2001 and 2002, while the Gini coefficient increased to 0,400 as against 0,398. The principle of distribution of earnings also governed the dynamics of current expenses and saving level in the households sector.

Over the last five years the structure of consumer spending changed due to an increased share of spending on nonfood products and services with decreasing share of food spending. It should be noted according to the statistics that with the prevailing earnings level there was noted a gradual shift of product line sales structure towards more expensive food products and imported nonfood products of better quality. In 2003, as opposed to the previous year, there was a certain balance between growth in fee-based services to the population and retail trading turnover regardless of a substantial leadership of growing rates and fees of fee-based services as against products. It should be noted that actually the entire increase in sales turnover in 2003 was driven by expansion of sales of nonfood products. Changes in consumer behavior were governed to a certain degree by disinflation, as well as structural changes in main family groups of goods. All in all, in 2003 consumer prices increased by 12,0% as against 15,1 % in the previous year, with food price index accounting for 108,6% (111,0%.in 2002), nonfood products for 108,6% (110,9%) and for services for 121,2% (136,2%).

Table 5

Structure of Cash Expenses of Population between 1997 and 2003, as % of total

1997

1998

1999

2000

2001

2002

2003

Total cash expenses of the population

100,0

100,0

100,0

100,0

100,0

100,0

100,0

Including:

Purchase of goods and payment for services

69,8

79,0

79,8

77,6

75,9

73,2

69,5

compulsory payments and contributions

6,4

6,2

6,8

8,0

9,1

9,2

8,2

savings

2,4

2,5

5,4

7,8

9,2

10,4

12,1

Purchase of foreign exchange

21,3

12,2

7,9

6,6

5,8

5,5

7,4

increase, decrease (–) of cash in hand

1,6

1,7

1,8

2,9

2,0

1,7

2,8

Source: the Russian State Statistics Committee (Goskomstat).

In 1999, a sharp price rise due to the ruble devaluation led to an increase in current consumption spending. The share of savings in available earnings and GDP was negative. The population developed a propensity to save as the living standard parameters and growth in available earnings of the population were recovered as opposed to final consumption. Accordingly, the consumer demand grew at a slower rate than real earnings, but not too slow. With increased gross available earnings in the household sector from 48% of GDP in 2000 to 55% of GDP in 2002 – 2003, savings of the population increased from 3,2% of GDP in 2000 to 4,6% in 2002 and 5,8% in 2003.

A special emphasis should be placed upon a drifting tendency in gross savings from the nonfinancial business sector towards households over the last few years. An upward drift in personal deposits in banks was noted due to restored credibility of the population in thrift institutions. The year 2003 was featured by redistribution of savings between ruble deposits and foreign exchange deposits due to strengthening of the ruble. If in 2002 personal deposits in banks were mostly foreign exchange accounts (154,7%) as opposed to ruble accounts (138,8%), in 2003 the picture was quite opposite. Ruble account savings as of December 1, 2003 increased by 1,52 as opposed to the beginning of the year, while foreign exchange accounts by 17,6%. The growth in savings of the population made actual the issue of its transformation into investments.

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