Old new normal // Population spends cash rubles after income stabilization

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Preliminary data from Rosstat on the income of the population and their use in the first quarter of 2023 allow us to record the return of their structure to the norm against the backdrop of the ongoing recovery in consumption. The latter is facilitated not only by record employment, the growth of the payroll fund and lending, but also by the improvement in the economic mood of households. The marked increase in wages continues to lag labor productivity and jeopardize both the investment spurt and the growth prospects of the economy.

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