Updated at 16:29,01-07-2020

Real income of Belarusians reaches new low


Real income of Belarusians reaches new low
The National Statistical Committee has estimated how much the average employees in Belarus earned in January-November last year.

It turned out that, compared with the same period of 2015, the real incomes fell by 7.5% — this is an anti-record, if you look how revenues declined compared with the previous year. For example, in January-October 2016 the real incomes of the population decreased by 7.3% compared to the same period of 2015, in January-September – by 7.2%.

The government planned that by the end of last year the real incomes would increase by 0.5% to a value of 2015. There’s no record yet of the last year’s numbers, but now it can be assumed that the forecast of the government is unlikely to come true.

In this situation, Belarusians are forced to spend their savings. This results in the outflow of currency from bank deposits, as well as from domestic savings. This is evidenced by the banking statistics for the previous year. And, according to experts, Belarusians will be spending their savings for another two or three years.

Real disposable income is one of the main economic indicators, which determines the citizens’ welfare. It is calculated as the difference between all cash income and mandatory payments (taxes, fees and contributions, which are adjusted for the consumer price index for goods and services).