Page 38 - RusRPTSept20

income in Russia. In 2000, income from sole proprietorships accounted for 14.7% of the national total. Meanwhile, social security payments have increased over the past decades, from 14.1% in 2000 to 21.8% today (see chart above).
As incomes in Russia decline during COVID (real disposable incomes fell 8% in Q2), Russians have upped their savings rates. Last quarter, Russians saved a record 23% of their real disposable incomes, a dramatic increase from the 8.8% saved in Q1. What explains this change in behavior? Much of the saving was forced, as shops were closed, Russians were stuck at home, and people had nowhere to spend their money. Yet fear of a lingering economic crisis also played into the calculus, the central bank notes.
38 RUSSIA Country Report September 2020 www.intellinews.com