According to Russia news report, Chinese average GDP surpass Russia for the first time.
September 17, Russia media reported that in 2015, the average monthly wage in Russia is about 33,000 rubles (about RMB 3200 yuan), significantly lower than last year. But more striking observation is that the Russian people for the first time less than the Chinese people on income history, and is well known in this country, “a source of labor.”
Early 2014, the Russian per capita monthly income of $ 900. Mid-2015, the wages of about 33,000 rubles (the exact statistics will be released end of the year) to 65 rubles per dollar in the middle of the exchange rates, which is roughly the equivalent of $ 500.
Wages Below China Spark Russian Dreams of Manufacturing Revival
The decline in nominal salaries has probably pushed them below Chinese earnings in dollar terms, according to Renaissance Capital and Bank of America.
Russia’s July nominal wages averaged 33,980 rubles ($508), the least since March and down from last year’s average of about $839.7 in dollar terms. That’s less than in China, where salaries average $764.3, and below Mexico’s $636.6, according to Bank of America.
“If oil remains cheap and the Chinese economy continues to grow, wages in Russia may be behind China’s for a long time,” said Dmitry Dudkin, head of fixed-income research at UralSib Capital in Moscow.