1. The document provides an analysis of the social and economic development of Moscow in 2013. It examines key indicators such as GDP, life expectancy, industry, construction, transportation, wholesale, retail, income, and the budget.
2. Several industries saw growth in 2013, including construction (8 million sqm of new buildings), transportation (passenger traffic up for all modes), and wholesale trade (turnover up 5.2%). Electric power consumption also increased slightly.
3. However, some sectors declined such as industrial production (down 0.9%) due to reductions in oil refining, and business financial results were lower as the economy slowed. Overall, Moscow remained relatively stable compared to other Russian regions.
1. The document provides an analysis of social and economic development in Moscow, Russia in 2013. It compares Moscow to other major world cities and finds that Moscow has experienced strong economic growth and increased life expectancy.
2. Several of Moscow's key industries like manufacturing, construction, and transportation grew in 2013. The city remains the economic center of Russia and home to the headquarters of many large companies.
3. Moscow saw increases in construction, retail sales, income, and other economic indicators in 2013, showing continued stable development despite challenges in the broader Russian economy. The city remains the dominant economic force in Russia.
ASSESSMENT OF MAJOR TRENDS IN THE DEVELOPMENT OF FINANCIAL ECONOMIC INSTRUMEN...IAEME Publication
This document analyzes trends in the development of financial instruments used for large-scale urban construction projects in Moscow. It summarizes data on the mortgage lending market in Russia from 2006-2016, focusing on Moscow, the Moscow region, and St. Petersburg. Moscow had the largest share of the national mortgage market in terms of loans issued and debt levels. The ratio of loan defaults to total debt was highest in Moscow compared to other regions during this period.
Recent macroeconomic developments and their implications for Moscow (first ha...Юлия Разлом
The document summarizes recent macroeconomic developments in Russia and their implications. It finds that Russia's external sector is broadly balanced, inflation is expected to slow in the second half of 2015, and the recession has increased Moscow's price competitiveness. The monetary policy of the Central Bank will likely remain tight to contain inflation, though interest rates may gradually decrease. Capital flight is expected to slow in 2015 as payments on foreign debt decline.
"Highlights":
* Manufacturing buoyant in May
* Exports withstand geopolitical circumstances
* Growth trends in lending stabilize
"In Focus":
* Overproduction of economists and lawyers in Latvia? Let's debunk this myth, autori: Oļegs Krasnopjorovs and Kārlis Vilerts
Nuraliyev Aidar_The economic relations between Russia and ChinaAidar Nuraliyev
The document analyzes the economic relations between Russia and China through a SWOT analysis and discussion of key factors. It finds that Russia and China have complementary strengths - Russia has significant oil and gas resources to supply China's growing energy needs. Increased oil and gas trade benefits both countries by providing China with a secure supply and Russia new markets to diversify from Europe. However, both countries also face weaknesses such as over-reliance on commodities and challenges of integrating their large populations and economies. Globalization and U.S. influence also impact their relationship.
The Latvian economy experienced slower GDP growth of 1% in 2016 due to delayed absorption of EU funds, but fundamentals remain robust. While industrial production and exports exceeded records, the labor market continued improving. The 2016 slowdown was temporary and GDP growth is expected to rebound in 2017. To accelerate convergence with Western Europe, the focus should shift to supply-side reforms in public institutions, education, and healthcare to strengthen potential GDP growth.
Macroeconomic Developments Report. June 2016Latvijas Banka
This document provides a macroeconomic developments report for June 2016. It summarizes key developments in the external sector and exports, monetary policy and financial markets, domestic demand, aggregate supply, costs and prices, and the balance of payments for Latvia. It also includes forecasts for Latvia's GDP growth and inflation for 2016. Some of the main points covered include weaker-than-expected global economic growth in 2015, accommodative monetary policy decisions by the ECB, private consumption as the main driver of GDP growth in Latvia, and a revised downward GDP growth forecast for Latvia of approximately 2.0% in 2016.
1. The document provides an analysis of social and economic development in Moscow, Russia in 2013. It compares Moscow to other major world cities and finds that Moscow has experienced strong economic growth and increased life expectancy.
2. Several of Moscow's key industries like manufacturing, construction, and transportation grew in 2013. The city remains the economic center of Russia and home to the headquarters of many large companies.
3. Moscow saw increases in construction, retail sales, income, and other economic indicators in 2013, showing continued stable development despite challenges in the broader Russian economy. The city remains the dominant economic force in Russia.
ASSESSMENT OF MAJOR TRENDS IN THE DEVELOPMENT OF FINANCIAL ECONOMIC INSTRUMEN...IAEME Publication
This document analyzes trends in the development of financial instruments used for large-scale urban construction projects in Moscow. It summarizes data on the mortgage lending market in Russia from 2006-2016, focusing on Moscow, the Moscow region, and St. Petersburg. Moscow had the largest share of the national mortgage market in terms of loans issued and debt levels. The ratio of loan defaults to total debt was highest in Moscow compared to other regions during this period.
Recent macroeconomic developments and their implications for Moscow (first ha...Юлия Разлом
The document summarizes recent macroeconomic developments in Russia and their implications. It finds that Russia's external sector is broadly balanced, inflation is expected to slow in the second half of 2015, and the recession has increased Moscow's price competitiveness. The monetary policy of the Central Bank will likely remain tight to contain inflation, though interest rates may gradually decrease. Capital flight is expected to slow in 2015 as payments on foreign debt decline.
"Highlights":
* Manufacturing buoyant in May
* Exports withstand geopolitical circumstances
* Growth trends in lending stabilize
"In Focus":
* Overproduction of economists and lawyers in Latvia? Let's debunk this myth, autori: Oļegs Krasnopjorovs and Kārlis Vilerts
Nuraliyev Aidar_The economic relations between Russia and ChinaAidar Nuraliyev
The document analyzes the economic relations between Russia and China through a SWOT analysis and discussion of key factors. It finds that Russia and China have complementary strengths - Russia has significant oil and gas resources to supply China's growing energy needs. Increased oil and gas trade benefits both countries by providing China with a secure supply and Russia new markets to diversify from Europe. However, both countries also face weaknesses such as over-reliance on commodities and challenges of integrating their large populations and economies. Globalization and U.S. influence also impact their relationship.
The Latvian economy experienced slower GDP growth of 1% in 2016 due to delayed absorption of EU funds, but fundamentals remain robust. While industrial production and exports exceeded records, the labor market continued improving. The 2016 slowdown was temporary and GDP growth is expected to rebound in 2017. To accelerate convergence with Western Europe, the focus should shift to supply-side reforms in public institutions, education, and healthcare to strengthen potential GDP growth.
Macroeconomic Developments Report. June 2016Latvijas Banka
This document provides a macroeconomic developments report for June 2016. It summarizes key developments in the external sector and exports, monetary policy and financial markets, domestic demand, aggregate supply, costs and prices, and the balance of payments for Latvia. It also includes forecasts for Latvia's GDP growth and inflation for 2016. Some of the main points covered include weaker-than-expected global economic growth in 2015, accommodative monetary policy decisions by the ECB, private consumption as the main driver of GDP growth in Latvia, and a revised downward GDP growth forecast for Latvia of approximately 2.0% in 2016.
Ukrainian Pharmaceutical Market Monthly - Upharmacia - Jan 2018Eirhub
The document provides an overview of the Ukrainian pharmaceutical market indicators for December 2017. Key points include:
- Pharmaceutical exports grew 6% in 2017 to $193.4 million while imports increased 10% to $1767.3 million.
- Retail sales in values grew 16.5% in 2017 to $2731 million and volumes increased 6% to 1685 million units.
- The average cost of a pharmaceutical pack was $1.47 in 2017.
Slight optimism outshines numerous challenges
As 2016 rolls to a close, the Ukrainian economy is finding stronger footing. The pace of recovery remains slow, but it looks sustainable and the chances of a meaningful acceleration in 2017 are high. Inflation is still in the high single digits, but a hike in regulated utility tariffs should boost it to near the NBU’s 12% target by year-end. The FX market is nearly balanced and the NBU is taking advantage of slight surpluses to replenish reserves. Ukraine’s external accounts look reasonably strong but they still pose a risk to the economy; any external shock could trigger market jitters. Smooth relations with the IMF and other IFIs remain a key precondition for the recovery of investor and domestic consumer confidence.
Highlights:
- Economic growth in Latvia is gathering momentum
- Household savings in banks on the rise
- Surplus in the current account for third consecutive quarter
In Focus:
- About Latvijas Banka's inflation forecast revisions in March and June 2017, by Oļegs Krasnopjorovs
This document is the April 2016 edition of the World Economic Outlook published by the International Monetary Fund. It finds that the global economic recovery remains too slow and warns of increased downside risks. The outlook projects continued moderate global growth of 3.2% in 2016 and 3.5% in 2017, below historical averages. Advanced economies are expected to see lackluster growth while emerging markets face difficulties like weak commodity prices and capital outflows. The report examines topics like the slowdown in global trade and capital flows to emerging markets. It also analyzes the macroeconomic effects of labor and product market reforms in advanced economies.
The document is a monthly business report from MNI Indicators on business sentiment in Russia. Some key points:
- The MNI Russia Business Indicator rose in July to the highest level in three months, though it remains below levels at the start of 2014 due to economic weakness and geopolitical tensions from Russia's actions in Ukraine.
- Production conditions for large Russian companies slumped to a seven-month low in July, while new orders and export orders improved for the second straight month.
- Companies have been reducing inventories but the pace of decline has slowed, with the inventories indicator just below neutral levels. Input prices declined for the fourth month in a row.
- Access to credit
A risk report I produced on Russia for my International Banking and Finance unit, highlighting key sovereign and foreign exchange risks facing the country. Obtained the highest grade of all students for the assignment.
The introduction of Moldovan leu has been accompanied by a monetary stabilisation policy that until 1998 proved to be one of the most successful among FSU countries. The leu showed a remarkable stability and the rate of inflation was brought down to around 10% in 1997. However, fiscal policy was driven by inertia and pressure groups, reflecting the slow path of structural reforms and the general weakness of the state. Loose fiscal policy in turn reduced the determination in reforming state structures. Arrears and nettingout operations led to the development of the non-payment culture. At macroeconomic level, expansionary fiscal policy led to high absorption in the economy that was not met by the supply side response due to the impeded restructuring process, which fuelled imports and deteriorated trade balance. The ultimate result of the policy mix was the rapid accumulation of external debt and expenditure arrears. The unsustainability of both internal and external position of the state led to the inevitable financial crisis. The turmoil that followed in 1998 the crisis in Russia was a catalyst that speeded up the collapse of monetary stabilization. The capital account losses (capital flight) immediately brought the country to the verge of default. The abrupt and probably persistent loss of major export markets will affect the real economic activity over a longer period. More over, the crisis may create a window opportunity for accelerating Moldovan reforms. A critical situation makes the public and policy makers more likely to accept the painful measures that are necessary to revert the negative tendencies accumulated in recent years, while the large external debt makes the country fully dependent on the co-operation with international organizations, especially the IMF. Indeed, the new cabinet of young and liberal reformers voted in March 1999 initiated a more energetic program of reforms. Likewise, the decline of exports to Russia forced Moldovan enterprises to search new export possibilities for many producers trying to enter non-traditional western markets.
Authored by: Artur Radziwill, Octavian Scerbatchi, Constantin Zaman
Published in 2000
Ukraine. Turn to Growth. Investment Climate Outlook - Mid 2017DIA_investment
2016 was a year of macroeconomy stabilization in Ukraine. This year shows the expected growth. Much of this progress reflects the authorities’ efforts and proves the viability and prospects of the chosen path of economic reform. The government has pursued a policy aimed at deregulating entrepreneurial activity, improving the business climate, optimizing public sector governance, and ensuring the harmonization of national legislation with EU legislation. As a result capital investment in the first half of 2017 exceeded pre-crisis level, the net FDI amounted to $1,156 million and was mostly directed towards the real sector of the economy. The 1H 2017 also brought numerous significant transactions and announcements of new investments.
This document provides a landscaping report on financial inclusion in Russia. It summarizes that access to formal financial services has increased rapidly in recent years but remains unequal, with remote, rural, older and lower-income populations most excluded. It also notes initiatives to improve financial literacy and establish a financial ombudsman to strengthen consumer protection. The report then analyzes demand and usage patterns before examining the landscape of various financial service providers, infrastructure developments and challenges and opportunities to further advancing inclusion in Russia.
The document discusses the regional impact of Russia's oil and gas sectors. It analyzes whether resource-rich Russian regions experience "Dutch disease" effects, where natural resource abundance negatively impacts other industries. The authors test two hypotheses - that industries with higher returns to scale and those that are less open internationally will be more disadvantaged in resource-rich regions. While initial regressions do not find supportive evidence, non-parametric estimations using original industry data suggest some industries may experience negative effects, warranting further investigation into potential Dutch disease impacts within Russia.
Inflation in Latvia grew slightly to 0.8% in August. Exports and imports increased in July despite geopolitical tensions, growing 7.4% and falling 3.5% respectively. Manufacturing output fell 2.6% annually but some sectors such as food and wood products saw growth. Borrowing costs in Latvia have decreased since adopting the euro in January 2014, with interest rates on loans falling over 1 percentage point for some enterprises. However, credit spreads may only gradually shrink over the coming years.
Latvijas Bankas "Monthly Newsletter", 10/2016Latvijas Banka
"Highlights":
* Substantial increase in high technology sectors
* Inflation is rising, but to a large extent owing to last year's developments
* External trade in August testifies to the power of Latvian cereal exports
"In Focus":
* #reformasLV or why Latvijas Banka cares about education and healthcare?, autors: Oļegs Krasnopjorovs
This paper discusses the processes of nominal and real convergence and their dependence on exchange rate regimes adopted in Central and Eastern European countries (CEECs) in thecontext of their future EMU accession. We focus our argument on the possibility of trade-off between the pace of disinflation and the maintenance of competitiveness and growth. Fixednominal exchange rate shifts the burden of adjustment on to the tradable sector but whether this pressure results in faster restructuring and faster productivity growth or becomes a straightjacket for the economy is an open question. The paper implements a simple empirical assessment of convergence of inflation to EU levels and economic growth of 7 CEE economies which had adopted different exchange rate regimes in period 1993-2002. Results indicate that fixed exchange rates seem to have been a better tool of fighting inflation as compared to floating exchange rates or intermediate regimes. The presence of a fixed exchange rate has also been characterised byhigher real GDP growth rates implying an absence of trade-off between nominal and real convergence in the investigated sample. Qualifications attached to these results are discussed.
Authored by: Przemyslaw Kowalski
Published in 2003
The document discusses inflation and economic growth in Latvia. It notes that inflation in June 2013 was slightly positive (+0.2%) due mostly to base effects of unprocessed food prices, while other factors contributed to a year-on-year drop. It also mentions that grain harvests are expected to be better than last year and could benefit from lower global food prices. Meanwhile, domestic factors do not point to substantial inflation pressures, and unusually low inflation is expected for 2013 due to positive economic growth and other offsetting factors.
Macroeconomic Developments Report, June 2017Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation. The publication is available only in electronic form.
"Macroeconomic Developments Report", October 2013Latvijas Banka
The document provides a macroeconomic developments report for October 2013. It summarizes developments in Latvia's external sector and exports in the second quarter of 2013. Key points include:
- Latvia's exports continued to grow but at a slower annual rate due to weakening demand from major trade partners. Exports of base metals declined due to a factory closure.
- Imports declined in both volume and value as production and investment activity decreased. Imports of base metals and vehicles fell the most.
- Despite challenges, Latvia increased its share of world imports according to WTO data. The report examines economic conditions in Latvia's key trade partners.
"Macroeconomic Developments Report", March 2014Latvijas Banka
The document provides an executive summary of Latvia's Macroeconomic Developments Report for March 2014. Some key points:
- Latvia's exports weakened at the end of 2013 due to high base effects and seasonal factors, but competitiveness remained high. The current account deficit decreased to 0.8% of GDP.
- Latvia's major trade partners' growth forecasts were revised, with significant downgrades for Russia and Ukraine due to political instability. Euro area GDP growth was stronger than expected.
- As of January 2014, Latvijas Banka became a full member of the Eurosystem, implementing the euro area's single monetary policy. Loans in Latvia continued declining in December and January.
- Latvia had among
Ukrainian Pharmaceutical Market Monthly - Upharmacia - Jan 2018Eirhub
The document provides an overview of the Ukrainian pharmaceutical market indicators for December 2017. Key points include:
- Pharmaceutical exports grew 6% in 2017 to $193.4 million while imports increased 10% to $1767.3 million.
- Retail sales in values grew 16.5% in 2017 to $2731 million and volumes increased 6% to 1685 million units.
- The average cost of a pharmaceutical pack was $1.47 in 2017.
Slight optimism outshines numerous challenges
As 2016 rolls to a close, the Ukrainian economy is finding stronger footing. The pace of recovery remains slow, but it looks sustainable and the chances of a meaningful acceleration in 2017 are high. Inflation is still in the high single digits, but a hike in regulated utility tariffs should boost it to near the NBU’s 12% target by year-end. The FX market is nearly balanced and the NBU is taking advantage of slight surpluses to replenish reserves. Ukraine’s external accounts look reasonably strong but they still pose a risk to the economy; any external shock could trigger market jitters. Smooth relations with the IMF and other IFIs remain a key precondition for the recovery of investor and domestic consumer confidence.
Highlights:
- Economic growth in Latvia is gathering momentum
- Household savings in banks on the rise
- Surplus in the current account for third consecutive quarter
In Focus:
- About Latvijas Banka's inflation forecast revisions in March and June 2017, by Oļegs Krasnopjorovs
This document is the April 2016 edition of the World Economic Outlook published by the International Monetary Fund. It finds that the global economic recovery remains too slow and warns of increased downside risks. The outlook projects continued moderate global growth of 3.2% in 2016 and 3.5% in 2017, below historical averages. Advanced economies are expected to see lackluster growth while emerging markets face difficulties like weak commodity prices and capital outflows. The report examines topics like the slowdown in global trade and capital flows to emerging markets. It also analyzes the macroeconomic effects of labor and product market reforms in advanced economies.
The document is a monthly business report from MNI Indicators on business sentiment in Russia. Some key points:
- The MNI Russia Business Indicator rose in July to the highest level in three months, though it remains below levels at the start of 2014 due to economic weakness and geopolitical tensions from Russia's actions in Ukraine.
- Production conditions for large Russian companies slumped to a seven-month low in July, while new orders and export orders improved for the second straight month.
- Companies have been reducing inventories but the pace of decline has slowed, with the inventories indicator just below neutral levels. Input prices declined for the fourth month in a row.
- Access to credit
A risk report I produced on Russia for my International Banking and Finance unit, highlighting key sovereign and foreign exchange risks facing the country. Obtained the highest grade of all students for the assignment.
The introduction of Moldovan leu has been accompanied by a monetary stabilisation policy that until 1998 proved to be one of the most successful among FSU countries. The leu showed a remarkable stability and the rate of inflation was brought down to around 10% in 1997. However, fiscal policy was driven by inertia and pressure groups, reflecting the slow path of structural reforms and the general weakness of the state. Loose fiscal policy in turn reduced the determination in reforming state structures. Arrears and nettingout operations led to the development of the non-payment culture. At macroeconomic level, expansionary fiscal policy led to high absorption in the economy that was not met by the supply side response due to the impeded restructuring process, which fuelled imports and deteriorated trade balance. The ultimate result of the policy mix was the rapid accumulation of external debt and expenditure arrears. The unsustainability of both internal and external position of the state led to the inevitable financial crisis. The turmoil that followed in 1998 the crisis in Russia was a catalyst that speeded up the collapse of monetary stabilization. The capital account losses (capital flight) immediately brought the country to the verge of default. The abrupt and probably persistent loss of major export markets will affect the real economic activity over a longer period. More over, the crisis may create a window opportunity for accelerating Moldovan reforms. A critical situation makes the public and policy makers more likely to accept the painful measures that are necessary to revert the negative tendencies accumulated in recent years, while the large external debt makes the country fully dependent on the co-operation with international organizations, especially the IMF. Indeed, the new cabinet of young and liberal reformers voted in March 1999 initiated a more energetic program of reforms. Likewise, the decline of exports to Russia forced Moldovan enterprises to search new export possibilities for many producers trying to enter non-traditional western markets.
Authored by: Artur Radziwill, Octavian Scerbatchi, Constantin Zaman
Published in 2000
Ukraine. Turn to Growth. Investment Climate Outlook - Mid 2017DIA_investment
2016 was a year of macroeconomy stabilization in Ukraine. This year shows the expected growth. Much of this progress reflects the authorities’ efforts and proves the viability and prospects of the chosen path of economic reform. The government has pursued a policy aimed at deregulating entrepreneurial activity, improving the business climate, optimizing public sector governance, and ensuring the harmonization of national legislation with EU legislation. As a result capital investment in the first half of 2017 exceeded pre-crisis level, the net FDI amounted to $1,156 million and was mostly directed towards the real sector of the economy. The 1H 2017 also brought numerous significant transactions and announcements of new investments.
This document provides a landscaping report on financial inclusion in Russia. It summarizes that access to formal financial services has increased rapidly in recent years but remains unequal, with remote, rural, older and lower-income populations most excluded. It also notes initiatives to improve financial literacy and establish a financial ombudsman to strengthen consumer protection. The report then analyzes demand and usage patterns before examining the landscape of various financial service providers, infrastructure developments and challenges and opportunities to further advancing inclusion in Russia.
The document discusses the regional impact of Russia's oil and gas sectors. It analyzes whether resource-rich Russian regions experience "Dutch disease" effects, where natural resource abundance negatively impacts other industries. The authors test two hypotheses - that industries with higher returns to scale and those that are less open internationally will be more disadvantaged in resource-rich regions. While initial regressions do not find supportive evidence, non-parametric estimations using original industry data suggest some industries may experience negative effects, warranting further investigation into potential Dutch disease impacts within Russia.
Inflation in Latvia grew slightly to 0.8% in August. Exports and imports increased in July despite geopolitical tensions, growing 7.4% and falling 3.5% respectively. Manufacturing output fell 2.6% annually but some sectors such as food and wood products saw growth. Borrowing costs in Latvia have decreased since adopting the euro in January 2014, with interest rates on loans falling over 1 percentage point for some enterprises. However, credit spreads may only gradually shrink over the coming years.
Latvijas Bankas "Monthly Newsletter", 10/2016Latvijas Banka
"Highlights":
* Substantial increase in high technology sectors
* Inflation is rising, but to a large extent owing to last year's developments
* External trade in August testifies to the power of Latvian cereal exports
"In Focus":
* #reformasLV or why Latvijas Banka cares about education and healthcare?, autors: Oļegs Krasnopjorovs
This paper discusses the processes of nominal and real convergence and their dependence on exchange rate regimes adopted in Central and Eastern European countries (CEECs) in thecontext of their future EMU accession. We focus our argument on the possibility of trade-off between the pace of disinflation and the maintenance of competitiveness and growth. Fixednominal exchange rate shifts the burden of adjustment on to the tradable sector but whether this pressure results in faster restructuring and faster productivity growth or becomes a straightjacket for the economy is an open question. The paper implements a simple empirical assessment of convergence of inflation to EU levels and economic growth of 7 CEE economies which had adopted different exchange rate regimes in period 1993-2002. Results indicate that fixed exchange rates seem to have been a better tool of fighting inflation as compared to floating exchange rates or intermediate regimes. The presence of a fixed exchange rate has also been characterised byhigher real GDP growth rates implying an absence of trade-off between nominal and real convergence in the investigated sample. Qualifications attached to these results are discussed.
Authored by: Przemyslaw Kowalski
Published in 2003
The document discusses inflation and economic growth in Latvia. It notes that inflation in June 2013 was slightly positive (+0.2%) due mostly to base effects of unprocessed food prices, while other factors contributed to a year-on-year drop. It also mentions that grain harvests are expected to be better than last year and could benefit from lower global food prices. Meanwhile, domestic factors do not point to substantial inflation pressures, and unusually low inflation is expected for 2013 due to positive economic growth and other offsetting factors.
Macroeconomic Developments Report, June 2017Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation. The publication is available only in electronic form.
"Macroeconomic Developments Report", October 2013Latvijas Banka
The document provides a macroeconomic developments report for October 2013. It summarizes developments in Latvia's external sector and exports in the second quarter of 2013. Key points include:
- Latvia's exports continued to grow but at a slower annual rate due to weakening demand from major trade partners. Exports of base metals declined due to a factory closure.
- Imports declined in both volume and value as production and investment activity decreased. Imports of base metals and vehicles fell the most.
- Despite challenges, Latvia increased its share of world imports according to WTO data. The report examines economic conditions in Latvia's key trade partners.
"Macroeconomic Developments Report", March 2014Latvijas Banka
The document provides an executive summary of Latvia's Macroeconomic Developments Report for March 2014. Some key points:
- Latvia's exports weakened at the end of 2013 due to high base effects and seasonal factors, but competitiveness remained high. The current account deficit decreased to 0.8% of GDP.
- Latvia's major trade partners' growth forecasts were revised, with significant downgrades for Russia and Ukraine due to political instability. Euro area GDP growth was stronger than expected.
- As of January 2014, Latvijas Banka became a full member of the Eurosystem, implementing the euro area's single monetary policy. Loans in Latvia continued declining in December and January.
- Latvia had among
Vladimir N. Kniaginin, Director, Foundation Center for Strategic Research «North-West»
Economic Policy Dialogue among think tanks of emerging economies
This document provides a landscaping report on financial inclusion in Russia. It discusses the demand for and usage of formal financial services in Russia, noting that remote, rural, older and lower-income populations face greater financial exclusion. It also examines the supply landscape, including banks, microfinance institutions, payment service providers and financial infrastructure/initiatives. Key challenges include expanding access to underserved areas, improving financial literacy and consumer protections, and determining the long-term impacts of recent legislation on financial inclusion. The report provides an overview of the evolving financial inclusion ecosystem in Russia.
This document provides a landscaping report on financial inclusion in Russia. It discusses the demand for and usage of formal financial services in Russia, noting that remote, rural, older and lower-income populations face greater financial exclusion. It also examines the supply landscape, including banks, microfinance institutions, payment service providers and financial infrastructure/initiatives. Key challenges include expanding access to underserved areas, improving financial literacy and consumer protections, and determining the long-term impacts of recent legislation on financial inclusion. The report aims to analyze opportunities and recommendations to further advance financial inclusion in Russia.
Ведение бизнеса и инвестиции в Российской Федерации 2013PwC Russia
Вышел в свет новый выпуск справочного издания «Ведение бизнеса и инвестиции в Российской Федерации» за 2013 год. Справочник подготовлен с целью помочь компаниям и частным лицам оценить перспективы ведения бизнеса в России и инвестирования в Российскую Федерацию. Представители делового сообщества смогут найти в нем полезную, точную и актуальную информацию о том, как вести бизнес в России. Справочник содержит ценные сведения об экономике и деловом климате России, ее налоговой и законодательной системах, порядке бухгалтерского учета, регулировании трудовых отношений, а также о других важных аспектах.
The Russian credit card market grew 24.7% in the first half of 2013 to 837.4 billion roubles. Sberbank, Russian Standard Bank, and Tinkoff Credit Systems led the market in terms of portfolio growth and market share. These three banks increased their lead over other players in the market.
The 2014 edition of the guide Doing Business and Investing in the Russian Federation has been released and is available for distribution. This guide is designed to assist companies and individuals in evaluating the prospects for operating and investing in a business in Russia. It provides business people with practical, concise and up-to-date information on how to do business in the country and also offers valuable insight into the Russian economy and business climate, its tax, legal and accounting systems, as well as labour relations and other important issues.
THE ROLE OF TRADE IN SOCIO-ECONOMIC DEVELOPMENT OF CRIMEA IAEME Publication
The socio-economic situation in Crimea has changed under the influence of the political events of 2014. One of the key economy sectors, the effective functioning of which is necessary for the sustainable development of the region, is trade. In this regard, the research is dealt with the trade of Crimea and its role in the socio-economic development of the region. The results have shown that in 2014–2017 the internal trade of the region demonstrated higher development rates than in 2010–2013. The slight slowdown in trade development in general is solely due to the decrease in foreign trade, which, in turn, is partly due to a change in the settlement procedure, as well as to the overall Russian policy of import substitution. Thus, despite certain difficulties that are still typical for the trade of Crimea, the main problems of the industry have been solved currently or continue to be solved through state regulation measures. Further development of the trade industry will contribute to the improvement of the socio-economic situation in the region and the well-being of its residents.
The 2016 selection of trade sectors includes five areas: 1) agriculture, 2) financing, banking and insurance, 3)
information and communication technology (ICT) sector, 4) energy sector and 5) automotive industry. These
sectors were selected taking into consideration their impact on commercial flows and overall economic
developments and the intensity of changes taking place during the last year.
Due to the fact that some sectors were covered in previous 2015 edition of the Trade Sector Briefs 2015, selected
information will appear repeatedly. However, new tendencies, trends and evolutions, as well as updated
recommendations were collected for this recent analysis.
(Case study)analysis of_financial_statements_at_a_furniture_manufacturerPham Nga
This document provides a case study analysis of the financial statements of a Romanian furniture manufacturing company called SC Mobila SRL for the years 2011 and 2012. The analysis includes an examination of asset and liability structure through ratios, working capital, and indicators of solvency and indebtedness. Key findings are a decrease in fixed assets, increase in receivables, decrease in non-current liabilities, and increase in equity ratios, suggesting repayment of debt and improved financial autonomy.
The document summarizes the March 2014 MNI Russia Business Report. It finds that Russian business sentiment declined sharply in March to its lowest level in three months, amid concerns about the economic impact of Russia's intervention in Crimea. Key points from the report are that production, new orders, export orders, and the financial position of companies all declined significantly in March compared to previous months. The economic landscape section notes that Russia's GDP growth slowed to 1.3% in 2013, its lowest since 2009, and that Russia's annexation of Crimea has thrown the country into economic turmoil, forcing a rise in interest rates and downward revisions to growth forecasts.
The document summarizes the March 2014 MNI Russia Business Report. It finds that Russian business sentiment declined sharply in March to its lowest level in three months, driven by concerns over the economic impact of Russia's intervention in Crimea. Key points from the report are that production, new orders, export orders, and the financial position of companies all declined significantly in March compared to previous months. The economic landscape section notes that Russia's GDP growth slowed to 1.3% in 2013 and its annexation of Crimea has thrown the economy into turmoil, with the possibility of recession.
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Moscow social and economic development in 2013
1. 01. Краткий анализ текущей ситуации 1
MOSCOW SOCIAL AND ECONOMIC
DEVELOPMENT IN 2013
Digest under support of Department of Economic Policy and Development
of Moscow and Analytical Center of Moscow
February2014|No.1(1)
2.
3. TABLE OF CONTENTS
1. Russia, Moscow and other cities of the world............................................. 6
2. Industry..................................................................................................... 10
3. Power consumption.......................................................................................... 12
4. Construction................................................................................................. 13
5. Transport........................................................................................................ 14
6. Wholesale........................................................................................................... 15
7. Retail................................................................................................................... 16
8. Business Financial result................................................................................. 17
9. Business loans................................................................................................... 18
10. Fixed assets investments................................................................................. 19
11. Business activity............................................................................................... 20
12. Population expenses....................................................................................... 22
13. Population income............................................................................................ 24
14. Budget revenues............................................................................................... 26
15. Budget expenditures........................................................................................ 27
Digest under support of the Department of Economic Policy
and Development of Moscow and Analytical Center of Moscow
“ON SOCIAL AND ECONOMIC DEVELOPMENT OF MOSCOW IN 2013”
Address: 119019, Moscow, Novy Arbat str., 15
Tel: +7 495 691 2898
Fax: +7 495 691 2898
Publishers: Analytical Center of Moscow
Writing Team Manager:
M. G. Reshetnikov – Minister of Moscow Government
Executive Editor: S. S. Novikov
Writing Team: D. A. Andreeva, D. S. Anokhin, A. N. Bochkarev,
A. A. Bykova, S. N. Gavdifattova, M. A. Khil, I. A. Zakharchenkov,
V. K. Laykam, I. V. Yakimenko
Proofreader: A. E. Varcheva
Design: K. S. Erdakov
4. Moscow social and economic development in 2013 | February 2014 | No.1(1)6 7
1. RUSSIA, MOSCOW AND OTHER CITIES OF THE WORLD
Moscow is the largest city of Europe
and one of the largest cities of the world.
In terms of social and economic development Moscow is comparable
with or ahead of other capitals of the world.
Fig. 3. Difference
of Moscow’s GRP structure
from average metropolis
Fig. 4. Moscow’s GRP
structure
Fig. 2. Average
life expectancy by
cities, years, 2013
Fig. 1 GRP by
purchasing power
parity per capita by
city , thous, USD,
2013 (estimated)
Moscow’s structure of the economy is also comparable
with the world’s largest metropolitan areas
Significant deviation
of share of retail and
wholesale is determined by
the accounting in Moscow
of income from sales of
oil and gas. On the other
hand financial sector of
the city is underestimated,
as considerable share of
added value in Moscow’s
financial sector is
accounted by the Federal
State Statistics Service
only at the country level
and not distributed
between the regions.
2,24
2
in comparable prices
Average life expectancy
for the last 3 years
and reached average
European level
years
Moscow’s GRP increased
increased for
more than
46,3
76,0
London
London
Warsaw
Warsaw
Istanbul
Istanbul
Prague
Prague
Madrid
Madrid
Moscow
Moscow
51,5
23,1 47,7 40,0
79,3
79,0
76,0
79,0
81,4
48,0
-5,5
3,6
-3,5
-2,7
21,8%
7,4%2,4%
2,6%
4,0%
5,6%
8,4%
9,3% 38,5%
4,0
21,3
-10,5
-6,7
1. Manufacturing industry without processing
of mineral raw materials
2. Production of oil products
3. Construction
4. Transport and communications
5. Production and distribution of electric power,
gas, water, including other services
6. Trade, repair
7. Entrepreneurship and finances
8. Health care, education, state administration
Manufacturing of oil products
Health care, education,
state administration
1
2
3
4
5
6
7
8
1. Russia, Moscow and other cities of the world
Manufacturing industry without
processing of mineral raw
materials
Production and distribution
of electric power, gas, water
Rendering of other utility, social
and personal services
Construction
Entrepreneurship
and finance
Trade and repair
Transport and
communications
times for the
last 15 years
5. Moscow social and economic development in 2013 | February 2014 | No.1(1)8 91. Russia, Moscow and other cities of the world
Under the
unfavorable economy
fluctuations,
Moscow remains
the city of stable
social and economic
development.
Concentration of assets of
operating financial institutions,
carrying out their activity in
Moscow, is almost 90%.
Such a high concentration is
explained by the degree of
development of Moscow’s financial
sector as well as by the fact
that head offices of the largest
Russian raw materials and logistic
companies are registered in the city.
101,3% 100,2%
60%
Moscow
Moscow
Moscow
Russia
Other Russian
regions
Russia’s GDP growth
in comparable prices
Moscow’s GRP growth
in comparable prices
(estimated)
Fig.5. Comparison of Moscow
with Russian Federation
in terms of key social and
economic indicators, 2013 as
compared to 2012
1. Fixed investments
2.
Volume of shipped
products
3. Construction
4. Retail turnover
5.
Official unemployment
rate
6. Nominal salary
7.
Population per capita
income
9,2
-0,3
21,2
6,2
3,5
0,35
13,3
14,3
6,7
-1,5
3,9
1,2
12,3
10,7
11,3%
40,4%
88,7%
59,6%is concentrated on the accounts of institutions,
located in Moscow.
About
Other Russian
regions
73%
Share of banking
deposits of legal entities
in Moscow comparing
to the country’s total.
37%
Share of deposits of
physical persons
in Moscow comparing
to the country’s total.
of funds
of all legal
entities
in Russia
In Moscow 489 financial institutions carry out their activity, or more than
a half (53%) of all financial institutions operating in Russia.
1
2
3
4
5
6
7
6. Moscow social and economic development in 2013 | February 2014 | No.1(1)10 112. Industry
2. INDUSTRY
Official statistics data is controversial and precludes objective evaluation
of the commenced processes of structural reorganization of the city’s
economy. For example, starting from the fourth quarter of 2012
and to the present day one may observe the mismatch in dynamics
of the industrial production index and the volume of shipped products
of manufacturing industry.
Continious growth of shipment volume despite the industrial production
volume decline is explained by the fact that production facilities are located
outside of Moscow yet shipments are accounted by the statistical bodies
at the location of the enterprise head office. Besides, enterprises have
shifted to manufacturing of products with greater added value. Statistics,
unfortunately, lags behind in terms of adjusting the accounting method
for industrial production index according to the new structure of products,
manufactured by the city enterprises.
Fig. 9. Dynamics of indices
of industrial production and
volume of shipped products
of manufacturing industry,
2012-2013, % (in comparable
prices, for the full range of
manufacturing industries)
According to statistics,
there is
a reduction of
production volume
in oil refining by
Oil processing
depth totaled
At the same time, the largest
manufacturer of oil products in Moscow –
Moscow Oil Refinery –
processed
2012,
million
tons
2013,
million
tons
Growth
Light oil products 5,95 6,2 +4,2%
Including:
High-octane
gasoline
2,1 2,3 +9,6%
Jet fuel 0,6 0,7 +6,5%
Bitumen 0,7 1,07 +48,1%
In the total volume of
shipments of Moscow’s
manufacturing
industry the share
of oil processing
is above 50% and
fully determines the
dynamics of the city’s
industrial production.
Volume of shipped products index, deflated by the producer price index,
reflect the situation in industry more adequately.
3,7%
3,8%
11,08
72,3%
M. tons of oil
in 2013, –
more than
in the previous year.
Index of actually shipped
products
Industrial production index
120
130
%
Iquarter
Iquarter
2012 2013
Sixmonths
Sixmonths
9months
9months
year
year
110
100
Source: Moscow State
Statistics Service
90
80
104,1
100,1 99,6 98,5
102,5 106,7
120,9
125,9
101,0
103,1 100,9 101,4
86,3 86,2 86,9 87,5
7. Moscow social and economic development in 2013 | February 2014 | No.1(1)12 133. Power consumption | 4. Construction
3. POWER CONSUMPTION 4. CONSTRUCTION
Electric power consumption dynamics is based on data of Mosenergosbyt
(Moscow Power Service Company), which covers more than 96% of the total
useful volume of electric power output within the city boundaries.
Rapid growth
is observed in
construction. In 2013
about 8 mln. sq.m of
the total area were
put into operation
by all sources of
financing, including
3 mln. sq.m (3.13) of
housing, which is by
2.7% more than in
previous year (3.05).
Indirect proof of the on-going
structural reorganization of the
economy is the dynamics of
electric power consumption.
Consumption:
40,56
+0,9
bln. kW/h
Consumption
growth:
bln. kW/h (+2.3%)
Fig. 8. Share in the total area of
commissioned construction objects,
2013, %
Fig. 9. Dynamics of work
scope in “Construction”
type of economic
activity.
Housing
Administrative objects
Trade and services
Transport infrastructure objects
Social infrastructure objects
Other
80
100
%
60
40
20
2012.
2011
2013
mln. kW
2012 2013
+74,9
-89,9
-24,0
+841,4
+62,5
+34,4
+1,1%
-0,9%
-0,9%
+4,8%
+9,6%
+1,5%
Construction
Other consumers
(including offices, trade
and business centers)
Consumers referred to
“population” tariff group
(utility service suppliers,
housing cooperatives,
housing associations,
management companies,
intermediaries in electric
power transfer)
Population
Electric city transport
Industrial consumers
2,792 city
development
plans for land
plots were
issued.
Growth: +37.9%.
16,8% 16,6%
5,8% 5,7%
24,4%
23,6%
6,8%
6,6%
44,6% 45,7%
1,6% 1,8%
80
100
120
%
60
40
20
97,2 101,0 106,2
1211
housing were put into
operation in the territory
of new Moscow.
thous.
sq. m of1921thous.
sq. m of
housing were put into
operation in the territory
of old Moscow.
The scope of
construction works
increased by 6.2%
in comparable prices
and totaled 635.9
bln. rubles.
Fig. 7. Dynamics of power
consumption in Moscow,
2013 as compared to 2012
Construction share
in Moscow’s GRP
2,4%
In the electric power distribution the share of industrial consumers
decreased, while power consumption grew by 1.1%.
At the same time the share of consumption by offices, trade and business
centers increased, with power consumption growth by 4.8%.
15,5%
11,9%
13,2%14,8%
39,1%
5,5%
8. Moscow social and economic development in 2013 | February 2014 | No.1(1)14 155. Transport | 6. Wholesale
5. TRANSPORT 6. WHOLESALE
Passenger traffic numbers are growing for all types of transport. During the
last year about 4.6 bln. people were carried. The leader is metro – 2.5 bln.
people. The largest growth of passengers as compared to 2012 is registered
for suburban railway - 4.8% and city public transport – 1.9%.
Freight turnover for the year
increased by
and totaled
Growth:
16,9%
4,6 +3,1%
trn
t-km.
33,6
Cargo volume carried by
motor vehicles in 2013
mln. t
Share of transport
and communications
in Moscow’s GRP
9,3%
Fig. 10. Volume of carriages in 2013
per type of transport, number of
carried passengers, bln. people
Fig. 11 Wholesale turnover
dynamics
2010 2011 2012 2013
95
0,2
2
96
4
97
0,6
6
98
8
99
1,0
10
100
12
101
1,4
14
102
16
103
1,8
18
104
20
105
106
107
108
109
110
%
2,2
2,6
bln.
people
trn.
rub.
2,5
(+1,0%)
12,0
15,2
17,1 18,1
(+1,9%)
0,7
0,2
0,3
1,1
(+4,8%)
Metro
Tram
% - growth as compared to 2012
Trolleybus
Bus
Suburban railway transport
Land city transport:
Wholesale turnover in current
prices, trn. rub.
Wholesale turnover dynamics
in comparable prices, % as
compared to the previous year.
96,8
106,1
103,5
105,2
Wholesale share
in Moscow’s GRP
Wholesale turnover growth totaled +5.2% in 2013.
Commodity turnover totaled 18.1 trn. rubles.
Wholesale share in the total trade turnover is 81.0%.
30,5%
The major players of the wholesale market
(according to Spark-Interfax) are JSC “Gazprom” –
7.8%, JSC “Lukoil” – 3.2%, JSC “Inter RAO” – 2.1%,
LLC “Metro Cash and Carry” – 1.3%, “JTI-MP”
(division of Japan Tobacco Inc.”) – 1.1% (in % of
the total wholesale revenue). Wholesale growth
is due to the registration in Moscow of the largest
distributors of oil and gas processing industry.
9. Moscow social and economic development in 2013 | February 2014 | No.1(1)16 177. Retail | 8. Financial result of enterprises
7. RETAIL 8. FINANCIAL RESULT OF ENTERPRISES
At the same time there are industries in the city’s economy which didn’t
impair but, on the contrary, improved their financial indicators. These are
the production of transport means and equipment and manufacturing of
wood products. Negative developments are concentrated around the sector
of large corporations. Such corporations, by all means, influence the general
climate in Moscow, but do not determine it.
Reduction in growth rate of the country economy influences the city
economy. In particular, it influences the financial result of city enterprises.
Fig. 15. Dynamics of
enterprise income per all
types of economic activity
Fig. 14. Turnover of
organised retail
Fig. 16. Dynamics of finacial
result of enterprises per
branches of manufacturing
indsutry, 2013 as compared
to 2012
2013
2012
0,5
1,0
1,5
2,0
2,5
3,0
bln. rub.
0,57
1,57
1,06
1,93
2,14
(-21,0%)
(-19,3%)
(-32,7%)
(-38,3%)
2,39
2,71
0,93
1. Production of transport means and equipment
2. Wood processing and manufacturing of wood products
3. Production of machines and equipment
4. Chemical production
5. Metallurgy
6. Production of food products
7. Manufacturing of oil products
-21,3%
-109,2%
-7,0%
87,9%
-37,6%
64,9%
-75,4%
1
2
3
4
5
6
7
Moscow’s share in the
total Russian retail
turnover is steady and
totals 17%. The retail
turnover per capita
reached 333 thous.
rubles (9.3% growth)
which is 2 times
higher than the figure
for the country.
Organised retail is
developing at higher
rates (+4.5%).
Increased volume
of retail trade is due
to the income growth
of Moscovites and
stable consumer
demand of the
population.
Retail growth in 2013 totaled
Retail turnover totaled
as compared to 2012
(in comparable prices).
103,5%
4017bln. rubles.
2800
2900
3000
3100
3200
3300
3400
bln. rub. (+4,5%)
3270,1
Fig. 12. Retail turnover
2013
2013
2013
2012
2012
2012
3600
3700
3800
3900
4000
4100
4200
bln. rub.
(+3,5%)
3639,7
4017,0
Fig. 13. Turnover of
non-organised retail
700
710
720
730
750
770
790
bln. rub.
(-0,1%)
708,8
2930,9
746,9
Retail share
in Moscow’s GRP
8%
% - growth rate, in
comparable prices, 2013
as compared to 2012
% - growth rate, in
comparable prices, 2013
as compared to 2012
% - growth rate, in
comparable prices, 2013
as compared to 2012
I quarter 6 months 9 months 12 months
10. Moscow social and economic development in 2013 | February 2014 | No.1(1)18 199. Business loans | 10. Fixed investments
9. BUSINESS LOANS 10. FIXED INVESTMENTS
Overdue loan debt of Moscow
enterprises totaled
Total loan debt of Moscow
enterprises was
with the growth
by
311
8,5
8%
bln. rubles
trn. rubles
The profit reduction of enterprises takes place while their loan debt
increases by 12% according to results of 2013. Total loan debt
of enterprises in Russia was 22.2 trn. rubles.
The inflow of fixed investments keeps on increasing, despite the decline
in financial results. The growth of investments in Moscow totaled 109.2%
in comparable prices against the background of a decline in investments in the
country as a whole (99.7%). The volume of investments totaled 1.4 trn. rubles.
Large share of
investments (54.7%)
in acquisition of
machines, equipment,
transport means, also
proves structural
changes in the city’s
economy, connected
with the application of
new technologies.
Fig. 17. Loan debt
of legal entities
and individual
entrepreneurs
Fig. 19. Volume of investments
in current prices
Fig. 20 Structure of fixed
investments, 2013
Fig. 18 Overdue loan
debt of legal entities
and individual
entrepreneurs
2010 2008
2010
2011 2009
2011
2012 2010
2012
2013 2011 2012 2013
2013
1
200 20
50
2
400 40
100
3
600 60
150
4
800 80
200
5
1000 100
250
6
1200 120
300
7
1400
1600
140
160
350
8
400
9
trn. rub.
bln. rub. %
trn. rub.
(+27%)
(+55%)
(+16%)
(+7%)
(+12%)
(+8%)
5,1
962,5
102,5%
76,4%
95,8%
106,6%
133,1%
109,2%
742,4 732,8 856,4 1220,1 1412,1
1,3% 7,0%
37,0%
54,7%
174
6,5
269
7,5
287
8,5
311
% – loan debt
growth rate
Volume of investments in
current prices, bln. rub.
Dynamics in comparable
prices, %
% – loan debt
growth rate
Housing
Other
Machines,
equipment,
transport means
Buildings (except
housing) and
structures
The share of overdue debt in the
total debt does not exceed 4%.
11. Moscow social and economic development in 2013 | February 2014 | No.1(1)20 2111. Business activity
11. BUSINESS ACTIVITY
Legal entities
registered about
40 thousand
titles.
Growth of registered
enterprises and
organizations in 2013
totaled 23.5% as
compared to 2012.
In 2013 business activity in Moscow is steady and remain quite high,
despite of economy growth pace slowing down.
Demography of organizations was significantly influenced by activity
of tax authorities concerning liquidation of fly-by-night companies.
Fig. 21 Registration of
rights, restrictions and
transactions, Moscow,
thous. units
Fig. 22. Registration of
rights, restrictions and
transactions, Russia,
mln. units
Fig. 23. Registration of title by
legal entities, Moscow, 2013,
thous. units
Fig. 25. Change
in number
of individual
entrepreneurs,
thous. units
Fig. 24. Change
in number of
legal entities,
2012-2013,
thous. units
2013
2013
Non-residential premises
Land plots
Growth in 2013
2012
2012
Residential premises
Registered
Registered
Liquidated
Liquidated
3,5%
3,9%
208,6
1102,5
The number of registered
rights and transactions,
closed in the territory
of Moscow
The number of
registered rights and
transactions, closed in
the territory
As of January 01, 2014
increased by
reduced by
thous. individual
entrepreneurs were
registered
thous. legal entities,
800
40
1000
50
thous. units
mln. units
Total
Total
Legal entities
Legal entities
600
30
400
20
200
10
+3%
+3%
+14%
867,1
2,88
22,4
897,4
2,87
145,0
26,54
146,5
25,51
13,6
3,6
150
45
thous. units
2012 2013
thous. units.
100
30
50
15
50
-15
-100
-30
-150
-45
101,4
33,2
-63,6
-21,4
125,2
28,9
-118,5
-33,6
+37,8
+11,8
+6,7
-4,7
-0,5%
-3,9%
12. Moscow social and economic development in 2013 | February 2014 | No.1(1)22 2312. Personal spending
12. PERSONAL SPENDING
Consumer behavior of citizens
has changed – there is a clear
tendency in favor of saving.
Growth of expenses on mandatory
payments is not connected with
personal spending on payment for
housing and public utilities.
The city economic situation determines the population living standard,
which is characterized by positive dynamics of spendings of Moscovites.
In 2013 the personal spending as a whole increased by 972 bln. rubles
(+12.2%) and totaled 8.94 trn. rubles.
There is a tendency to increased “debt
load” of Moscovites. According to the
results of 2013 the volume of loan
debt increased by 19% and totaled
1.31 trn. rubles. Thus, about 96 thous.
rubles of (mortgage and consumer)
loans fall on each citizen, which
may be the evidence of an increased
confidence of Moscovites in the future.
Fig. 26 Personal
spending
1. Growth of savings in deposits
and securities
2. Payments for goods and use
of bank cards abroad
3. Changes in amounts on
accounts of natural persons –
entrepreneurs
4. Mandatory payments and
voluntary contributions,
including taxes and interests
on loans.
5. Purchase of housing
6. Purchase of goods
7. Payment for services,
including housing
and public utilities
8. Purchases of foreign currency
0 % 510 -5 1020 1530 2040 2550 3060 35 40
29,3% +148,2
bln.
rub.
28,3% +127,0
bln.
rub.
22,2% +13,5
bln.
rub.
16,6% +158,8
bln.
rub.
8,9%
5,1%
0,9%
11,4%
7,4%
46,2%
13,1%
7,0%
11,4% +63,6
bln.
rub.
10,1% +413,4
bln.
rub.
8,3% +84,9
bln.
rub.
-3,1% -20,8
bln.
rub.
Dynamics of personal spending,
2013 as compared to 2012
Structure of personal
spending
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
average rate of income
growth – 12,2%
Fig. 27. Structure of personal
spending on services
Fig. 28. Structure of personal
spending on mandatory
payments
Fig. 29. Volume of
loans to natural
persons, including
mortgage and
consumer loans
2013
2013
2013
2012
2012
2012
Housing and public
utilities, services of
hotels
Taxes
and duties
Transport
services
Insurance
payments
Communication
services
Interests
on loans
Other
payments
Other
payments
200
200
400
400
600
600
800
800
1000
1000
1200
1200
bln. rub.
bln. rub.
193 298
560
137 138 34
337
639
190 189
16
298
1197
(+16 )
(+50 )
284
1105
177
bln.
rub.
bln.
rub.
Growth
(+3,5%)
1,1
1,31
bln.rub.
bln.rub.
13. Moscow social and economic development in 2013 | February 2014 | No.1(1)24 2513. Personal income
13. PERSONAL INCOME
Based on rapid income growth of Moscovites one can see that situation
in the city is stable and favorable. According to preliminary estimates,
per capita personal income in 2013 reached 55.6 thous. rubles per month.
Growth – by 14.3% (by 7.1% in comparable prices).
In the structure of
income of Moscovites
the share of salary
(44%) and social
payments (12.6%),
which today are about
2/3 of the total volume
of income, is increasing.
The income from
business activity of
Moscovites totaled
about 6%.
Average salary is 56.3 thous. rubles. Doctors and teachers in Moscow
are in the top five of the most high-paid professions
Fig. 30. Dynamics
of cash income per
capita
Fig. 31. Structure
of personal income
Cash income of
Moscovites is more
than 2 times higher
than average Russian
level and is comparable
with income level
in the cities
of Eastern Europe
2010 2011 2012 2013
Finances
Activity in the field of law, accounting, audit
Doctors
Activity connected with computing equipment
Production and distribution of power, gas and water
Teachers
State administration and military security personnel
Scientific researches and developers
Other lease services and business services
Wholesale, except motor vehicles
Sale of motor vehicles
Education**
Manufacturing activities
Health care and rendering of social services***
Average salary – 56.3 thous. rub.
20 40 60 80 100
110,8
75,2
72,9
71,8
66,3
58,4
56,8
54,5
52,0
51,7
50,9
50,1
50,1
48,0
73,6
70,4
Operations with real estate
Construction
Other
Total number
of employees per types
of economic activity,
shown in the diagram,
represents 100%
of average staffing
number of organizations
(4.7 mln. people) and
68% of employees
in Moscow economy
(6.9 mln. people)
Average salary in
the city, excluding
employees of large
organizations and their
management structures –
42 thous. rub.
*The column width depends
on average staffing number
per types of economic activity,
thous., people (the share of
average staffing number is
indicated within the brackets,
%)
**Excluding teachers
***Excluding doctors
Transport and communication
Other utility, social and personal services
10
20
30
40
50
60
70
thous. rub
(+7,4%) (+3,6%) (+14,3%)
44,1
12,6%
14,2% 44,0%
23,5%
5,7%
47,3 48,6
55,6
% - dynamics of
personal income
Salary
Social payments
Income from property
Income from
business activity
Other income
Fig. 32. Salary level in economic sectors
600,2(12,7%)
355,8(7,6%)
173,1(3,7%)
292,6(6,2%)
335,4(7,1%)
316,5(6,7%)
524,1(11,2%)
143,5(3,1%)
199,6(4,2%)
356,5(7,6%)
256,7(5,5%)
234,9(5,0%)
75,4(1,6%)
127,1(2,7%)
249,3(5,3%)
327,2(7,0%)
53,7(1,1%)
32,8(0,7%)
45,8(1,0%)
18,7%
Average monthly salary, thous. rub.
39,5
37,7
14. Moscow social and economic development in 2013 | February 2014 | No.1(1)26 2714. Fiscal revenues | 15. Fiscal expenditures
14. FISCAL REVENUES 15. FISCAL EXPENDITURES
The structure of tax revenue has
changed. The leader in terms of
proceeds is the tax on income of natural
persons, but not the tax on income of
organizations. The reduction of income
tax share significantly reduces the
influence of market fluctuations on the
city economy. Moscow budget gets the
“second bearing point” and becomes
more stable and adequate to the
current stage of the city development.
The formation of the “third bearing
point” is on-going, which is the
introduction of tax on shopping and
office premises according to their
cadastral value. Not only will it improve
the city’s budget but also create equal
competitive conditions for all market
participants. At the same time business
conditions will be unified and become
more transparent thus improving the
city’s investment attractiveness.
Fig. 33. Dynamics of
tax and non-tax fiscal
revenues
Fig. 34. Structure of
fiscal expenditures
Non-tax revenue
Income tax (gas, oil)
Other tax revenue
Health care
Tax on income of
natural persons
Education
Culture
Moscow sport
Social support for citizens
Share of social
expensesHousing
Transport system
development
Development of utility
and engineering infrastructure
Promotion of economic activity
Other expenses
Income tax (other)
2010 2011 2012 2013
200
400
600
800
1000
1200
1400
1600
bln. rub.
1084
41% 43% 39% 34%
1319 1402 1442
7%
9% 7% 11%
12%
12% 13% 14%
40%
36% 38% 41%
26% 29% 29% 27%
15% 14% 10% 7%
Moscow’s budget, being of social orientation, remain
the budget for development.
61,0%
2,8% 1,7% 9,0%
933,7
3,4
95%
1,5
15
7
of Moscow’s fiscal
expenditures, or
Growth of fiscal revenues
totaled
Tax revenue increased by Non-tax revenue increased by
and totaled about
1.3 trn. rubles.
and totaled
158.1 bln. rubles.
Social support is rendered to
almost every third Moscovite
or more than
About
Fiscal expenditures remained
stable and totaled more than
There are
of all budget expenditures are
provided within the framework
of corresponding state
programs.
state programs,
corresponding
to
development priorities,
being implemented in
the city.
were spent on social
needs of its citizens.
bln. rubles
mln. persons.
trn. rubles.
1529bln.rub.
61,0%
933,7
bln.rub.
12,3%
16,0%
2,3%
2,4%
19,0%7,6%
20,4%
2,8%
1,0%
16,2%
15. Department of Economic Policy
and Development of Moscow
www.depir.ru
Analytical Center of Moscow