Real wages accelerate to 12% yoy growth in December

Real wages in Ukraine rose 11.9% yoy in December,
accelerating from 8.0% yoy growth in November, the State Statistics Service
reported on Jan. 28. The average monthly nominal wage amounted to UAH 17,453
(USD 641), increasing from UAH 14,282 in November, or 21.5% m/m in real terms.

The leaders for average monthly wages were the city of
Kyiv (UAH 26,759), and Mykolayiv (UAH 18,414) and Kyiv (UAH 17,409) regions.
The largest average nominal wage increases were in agriculture (48.0%
yoy),  hospitality and catering services (42.0% yoy), as well as financial
and insurance activities (36.9% yoy).

Within the industrial sector, the highest growth of
nominal wages was in mining (30.1% yoy), food industry (23.9% yoy) and
machinery (22.2% yoy).

Evgeniya Akhtyrko:  The growth of wages picked
up significantly in December. Possibly, an immense inflow of budget-related payments in the last month of the year was an additional
component of the growth. We expect real wages to increase 6-7% yoy in 2022 (vs.
estimated 10.5% yoy in 2021).