Russia expects to see growth of labor productivity by 2020

Russia expects to see growth of labor productivity by 2020

Russia's Economic Development Ministry expects to see growth of labor productivity of 2.3-2.6% in 2018-2020, the Deputy Minister of Economic Development Azer Talibov said.

"We expect labor productivity to grow by 2.3% in 2018, 2.4% in 2019, and 2.6% in 2020," TASS cited him as saying.

According to the Economic Development Ministry, growth of economic activity combined with demographic trends will lead to a reduction of the unemployment rate to 4.7% by 2020.

The Russian Federal State Statistics Service (Rosstat) said earlier that wage arrears in Russia as of October 1, 2017, amounted to 3.39 bln rubles ($59.1 mln) and rose by 33 mln rubles ($575 thousand) or by 1% month-on-month.

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