Russia’s unemployment hits 4-year high

The unemployment rate soared by 815,000 people or 21% to 4.3 million in Russia in April 2020, according to the data of Russian Federal State Statistics Service (Rosstat), Report says citing Interfax.

The unemployment rate in the neighboring country jumped to 5.8% as of late April, which is the highest in four years, says the report.

According to Rosstat, in the first quarter of 2020, real wages in Russia increased by 6.2% compared to the same period in 2019. However, real incomes decreased by 0.2%.

The Russian Ministry of Economic Development predicts the real incomes will decline by 3.8% this year and rebound by 2.8% next year.