Real wages accelerate to 8% yoy growth in November

Real wages in Ukraine rose 8.0% yoy in November,
accelerating from 4.0% yoy growth in October, the State Statistics Service
reported on Dec. 28. The average monthly nominal wage amounted to UAH 14,282 (USD
540), increasing from UAH 14,045 in October, or 0.9% m/m in real terms.

The leaders for average monthly wages were the city of
Kyiv (UAH 21,144), and Ukrainian-controlled Donetsk (UAH 14,809) and Kyiv (UAH
14,754) regions. The largest average nominal wage increase was in hospitality
and catering services (39.4% yoy), agriculture (30.6% yoy), as well as
information and telecommunication (28.8% yoy).

Within the industrial sector, the highest growth of
nominal wages was in wood processing (21.0% yoy), machinery (20.6% yoy) and
pharmaceuticals (20.3% yoy).

Evgeniya Akhtyrko: Despite high inflation, real wage growth remains high, driven by high
demand for labor. We expect real wages to increase 10% yoy in 2021. In 2022,
real wages will increase 6-7% yoy, we forecast.