Page 54 - bneIntelliNews monthly country report Russia May 2024

for the information technology sector, machine repair and air traffic. In contrast, investments have fallen in such areas as car manufacture and sales, headquarter services, legal and bookkeeping services, as well as forestry and the forest industry.
From the regional standpoint, investment growth has been highest in recent years in regions of southern Siberia such as the Altai and Buryat republics and Amur region, but also Chechnya. Investments have contracted in many regions in the Northwest Russia Federal District (including Vologda, Pskov and Murmansk regions), as well as regions in the Central Federal District (including. Kaluga, Orlov and Lipetsk regions).
The lion’s share of budget-financed investment has gone to the City of Moscow in recent years. Moscow’s share of budget-financed investments was also proportionally much higher than total investments in 2022–2023. Other regions with relatively higher share in budget-financed investment include the Rostov region bordering Ukraine, the military industry heartland of Nizhniy Novgorod, the Dagestan republic and illegally annexed Crimea.
4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
Unemployment in Russia reached a historic low of 2.8% in February. The Hard Figures Telegram channel pointed out that Russia’s Beveridge curve suggests the economy is seriously overheated.
54 RUSSIA Country Report May 2024 www.intellinews.com