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Consumption and households' incomes in 2024

Author

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  • Olga Izryadnova

    (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.

Suggested Citation

  • Olga Izryadnova, 2025. "Consumption and households' incomes in 2024," Published Papers ppaper-2025-1413, Gaidar Institute for Economic Policy, revised 2025.
    • Handle: RePEc:gai:ppaper:ppaper-2025-1413
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2025-1413.pdf
    File Function: Revised Version, 2025
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    More about this item

    Keywords

    Russian economy; households; income; poverty;
    All these keywords.

    JEL classification:

    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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