Unemployment rate in Russia monthly 2020-2024

In January 2024, the unemployment rate in Russia was below three percent, having decreased slightly from the previous month. By comparison, 4.4 percent of the workforce aged 15 years and older nationwide were unemployed in the corresponding period two years prior. In 2021, the annual unemployment rate in Russia was measured at approximately 4.7 percent.

Causes of unemployment in Russia

The country’s labor market situation deteriorated in the summer of 2020 due to the coronavirus (COVID-19) pandemic. The number of jobs contributed by travel and tourism industry decreased from 3.3 million to 3 million between 2019 and 2022, though the figures started to recuperate again in 2023. Furthermore, Russia has witnessed an exodus of companies due to the invasion of Ukraine in 2022. Leading international companies like McDonald’s, Renault Group, and PepsiCo suspended their operations in the country, thus putting thousands of employees in Russia at risk of unemployment.

Russia’s unemployment in global perspective

Russia’s unemployment rate is lower than in most other G20 countries. This is largely due to a low fertility rate in the 1990s which has resulted in a demographic dip and left the country with fewer young workers actively seeking employment. Moreover, Russia’s weak social protection, as expressed by unemployment benefits lower than in most European countries, encourages people to find a new job rapidly. An estimated 30 million Russians were not officially registered as unemployed by working in the shadow economy as of 2021.