Real wages increase 13% yoy in June
Real wages in Ukraine rose 12.8% yoy in June, slowing from 16.8% yoy growth in May, the State Statistics Service reported on July 28. The average monthly nominal wage amounted to UAH 14,313 (USD 525), growing from UAH 13,499 in May, or 5.8% m/m in real terms.
The leaders for average monthly wages were the City of Kyiv (UAH 20,455), and Ukrainian-controlled Donetsk (UAH 14,988) and Kyiv (UAH 14,679) regions. The largest average nominal wage increase was in hospitality and catering services (71.3% yoy), arts, sports and recreation (39.5% yoy), as well as information technologies and telecommunications (38.4% yoy).
Within the industrial sector, the highest growth of nominal wages was in the textile industry (29.7% yoy), machinery (25.2% yoy) as well as wood processing and printing (23.5% yoy).
Evgeniya Akhtyrko: Not surprisingly, the growth rate for real wages is declining as the effect of the low comparative base of the previous year wears off. Nevertheless, the growth of real wages remains high, driven by the economic revival and high demand for labor force.
We expect real wages will rise 8-9% yoy in 2021.