8%
was the level by which average employee pay in foreign currency terms decreased in the industrial sector during the first half of 2014.
The greatest decline in pay was recorded in the metals industry at 11.4%.
These statistics were published in a new issue of Comments on State and Business published by the HSE's Centre for Development Institute.
The authors note that Russia’s working class had grown unaccustomed to the declines in pay seen during the 1990s. This will negatively affect consumer confidence, and in turn growth in GDP.
See also:
UNIDO has published the Competitive Industrial Performance Report, presented at HSE
On September 18 at Higher School of Economics, UNIDO's Competitive Industrial Performance (CIP) Report 2012/2013: The Industrial Competitiveness of Nations: Looking Back, Forging Ahead was presented. The HSE Institute of Statistical Studies and Economics of Knowledge organised the event.