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Russians' real disposable income drops 7 percent in July

Xinhua, August 18, 2016 Adjust font size:

Russians' real disposable income decreased by 7 percent in July, the federal statistics service Rosstat said Wednesday.

From January to July, Russians' real disposable income went down 5.3 percent compared with the same period of 2015, according to newly released figures on the Rosstat's website.

Real disposable income excludes taxes and other mandatory payments and its performance is adjusted for inflation.

The nominal average monthly salary was 36,500 rubles (about 570 U.S. dollars) in July, up 7.8 percent year-on-year, Rosstat said.

The Russian economy has been mired in recession since 2014 due to a drop of global oil prices and the West-imposed sanctions to punish Moscow's alleged intervention in the Ukraine crisis. Endi