Real wages rose 8% yoy in February

Real wages in Ukraine rose 7.6% yoy in February,
slowing from 8.3% yoy growth in January, the State Statistics Service reported
March 29. The average monthly nominal wage amounted to UAH 12,549 (USD 450),
increasing from UAH 12,337 in January, or 0.7% m/m in real terms.

The leaders for average monthly wages were the city of
Kyiv (UAH 18,504), the Ukrainian-controlled Donetsk (UAH 13,224) and Kyiv (UAH
12,747) regions. The largest average nominal wage increase was in healthcare
and social services (46.7% yoy), arts, sports and recreation (36.2% yoy) and
education (30.1% yoy)

Within the industrial sector, the highest growth of
nominal wages was in pharmaceuticals (16.1% yoy), electricity and gas supply
(15.4% yoy) and water supply (13.3% yoy).

Evgeniya Akhtyrko: Intensifiedconsumer inflation coupled withweak industrial output resulted in
slower growth of real wages.

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.