Income of Russians plunges most in 20 years in Q2; GDP shrinks 9.6%

Russians' real disposable income plunged the most in 20 years in the second quarter, while the economy shrank by 9.6 per cent year-on-year as the country has been hit by low oil prices and the coronavirus pandemic.

Real disposable income has become one of the most socially-sensitive issues in Russia led by President Vladimir Putin, with the economy expected to contract by as much as 6 per cent this year.

The income fell 8 per cent in year-on-year terms in April-June, the state statistics service Rosstat said on Friday, adding that Russia's industrial output fell 9.4 per cent in June compared with