Level of poverty in Russia falls to historic low of 7.2% in 2024 from 8.3% in 2023 - Rosstat data

MOSCOW. March 12 (Interfax) - According to preliminary data, the number of people in Russia with incomes below the subsistence minimum in 2024 amounted to 10.5 million, compared to 12.2 million people in 2023, Rosstat said on Wednesday.

The poverty level in Russia in 2024 reached a historic low of 7.2%, down from 8.3% in 2023. The poverty threshold in 2024 was set at 15,552 rubles per person per month. It was 14,339 rubles in 2023.

The poverty level was 5.3% in Q4 2024, compared to 6.2% in Q4 2023; in Q3 2024 it was 8.0% (9.4%), in Q2 - 8.5% (10.1%) and in Q1 - 9.6% (12.1%). The poverty level has a pronounced seasonal character - it peaks in Q1 and reaches its lowest point in Q4 due to year-end bonus payments.

As reported, President Vladimir Putin tasked the government in a decree of May 2024 with reducing the poverty level in Russia to below 7% by 2030 and below 5% by 2036.