Ukraine real wage growth slows to 11% yoy in November

Real wages in Ukraine grew 11.4% yoy in November,
slowing from a 14.2% yoy surge in October, the State Statistics Service reported
on Dec. 28. The average monthly nominal wage amounted to UAH 9,161 a month (USD
328), dropping from UAH 9,218 in October, or 2% m/m in real terms.

The leading regions for average monthly wages remained
the city of Kyiv (UAH 13,897), the Ukrainian-controlled Donetsk region (UAH
9,977) and the Kyiv region (UAH 9,447).

The largest nominal average wage growth was in
administration services (31% yoy), construction (28% yoy), and financial and
insurance services (25% yoy). Within the industrial sector, the highest nominal
wages were in pharmaceuticals (UAH 17,869), mining (UAH 13,074), and in coke
and oil production (UAH 12,081).

Evgeniya Akhtyrko: It seems
real wage growth is starting to cool somewhat after having recovered from the
economic collapse of 2014-2015. Real wages grew 12-13% yoy in 2018, according
to our estimate. We expect real wages to climb 10-11% yoy in 2019.