Real wages jump 20% yoy in April

Real wages in Ukraine rose 19.7% yoy in April, accelerating
from 9.5% yoy growth in March, the State Statistics Service reported on May 28.
The average monthly nominal wage amounted to UAH 13,543 (USD 485), declining
from UAH 13,612 in March, or 1.2% m/m in real terms.

The leaders for average monthly wages were the City of
Kyiv (UAH 20,422) as well as Kyiv (UAH 13,908) and Ukrainian-controlled Donetsk
(UAH 13,886) regions. The largest average nominal wage increase was in
hospitality and catering services (99.4% yoy), healthcare and social services (66.8%
yoy) and real estate operations (52.5% yoy).

Within the industrial sector, the highest growth of
nominal wages was in the textile industry (60.1% yoy), machinery (47.1% yoy),
and furniture production (37.8% yoy).

Evgeniya Akhtyrko: The accelerated
growth of real wages in April was due to the low comparative base of April 2020
(-0.4% yoy).

We expect real wages will rise 8-9% yoy in 2021.
The growth of wages will be boosted by economic revival and rising demand for
labor.