Russia hit by worst labour shortage since records began – Central Bank
Staffing levels in Russia in the third quarter of 2024 were the lowest since records began.
Source: Central Bank of Russia
Russian businesses manufacturing investment goods and consumer products continue to be the worst affected by the labour shortage.
Russian companies have adopted more cautious hiring plans for the fourth quarter, although they still intend to increase the size of their workforces.
The number of businesses experiencing staff shortages continues to rise, and it remains unclear how this trend could be reversed, especially in light of the decision to increase military personnel numbers.
At the same time, Russian businesses’ capacity utilisation slightly declined to 80.4% in the third quarter, not far off the record high of 80.7% at the end of 2023.
Economic activity in Russia is on the rise again after slowing down over the past four months. The business climate indicator, calculated by the Central Bank of Russia based on survey data, increased once again in October.
Background:
- Russian restaurants and cafés are facing "catastrophic" staff shortages due to the demographic crisis and the outflow of migrants.
- Russian defence enterprises are faced with an acute labour shortage, with defence factories seeking tens of thousands of new employees.
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