The unemployment rate in Russia has reached 4 percent, a historic low in modern history. Kurban Kurbanov, Director of the Department of Budget Policy in the Sphere of Labor and Social Protection of the Ministry of Finance, said this, presenting a report on the execution of the federal budget for 2021 at a meeting of the State Duma Committee on Labor and Social Policy.
According to Kurbanov, federal budget revenues in 2021 amounted to 25 trillion 286 billion, which is 6.5 trillion more than previously planned. Expenses amounted to 24 trillion 762 billion. This is 3.2 billion more than planned. In 2021, the Ministry of Finance noted a high growth rate of budget revenues, associated, among other things, with the recovery in prices for key energy resources. Budget expenditures increased by 15.1 percent.
“The situation in the labor market in 2021 has returned to the pre-Covid levels of 2019. We see this in the number of unemployed… If we started the year with 5.6 percent of the unemployment rate, then by the end of the year we reached 4.3 percent,” Kurbanov said.
Now, according to him, in Russia “the unemployment rate has reached a historic low” of 4 percent. The Ministry of Finance also noted an increase in wages by 2.9 percent.