But what does economic growth depend on and what does it have to do with citizens' wages? Alisa Khramova, Associate Professor of the Human Capital and Personnel Management Department of the Russian State Social University, answered this question in an interview with RuNews24.ru.
She explained that economic growth depends on various factors - the number of able-bodied citizens, the volume of investments, innovativeness and manufacturability of production, etc.
“Economic growth can be judged by the growth of real GDP in general or GDP per capita. At the same time, the production of products and services in the country should grow and their quality should be constantly improved. Stable economic growth is directly related to investment attractiveness, creation of new jobs, growth of incomes of the population,” the speaker noted.
Also, expert Khramova recalled that according to the Ministry of Economic Development, the growth of average real wages in the Russian Federation in 2024 amounted to +6.5%, in 2025 - +3.6%, in 2026 - +2.8%.
“Economic growth will depend on the inflation rate. Inflation can seriously affect the country's economy and, consequently, economic growth. On a country-wide basis, inflation devalues the level of GDP growth. The higher the inflation rate, the lower the real GDP, which takes into account only the change in production volumes,” explained the interlocutor of the publication.
We would like to add that in June 2024 real wages in Russia increased by 6.2% compared to June 2023. In the first half of 2024, its growth amounted to 18.1% compared to the same period last year. The average monthly salary in June 2024 reached 89,145 rubles, which is 15.3% more than a year earlier.