In October, unemployment in the Russian Federation fell to 2.9% for the first time in the history of observations.
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In October 2023, the unemployment rate in Russia fell to 2.9% for the first time on record since 1991. The number of unemployed people aged 15 and older this month amounted to 2.2 million people, according to the report (.pdf) Rosstat on the socio-economic situation of Russia. Over the previous three months, unemployment in the Russian Federation was 3%.
According to the statistical service, in annual terms in October the unemployment rate decreased by 23%. Last month, 74.1 million people aged 15 years and older were employed in economic activity, Rosstat reported.
Analysts at the Russian Analytical Credit Rating Agency (ACRA) believe that high utilization of existing capacity and labor resources will become one of the main limitations to Russia’s accelerated economic growth in the foreseeable future, as a result of which annual GDP growth rates will decrease from approximately 3% in 2023 to close to potential 1–2% on the forecast horizon (in 2024 – about 1%).
More details in the material “Don’t overwork yourself”.
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