Ukraine's real wages increase 4% y/y in October

Ukraine's real wages increase 4% y/y in October
Real wages in Ukraine rose 4.0% year on year in October, slowing from 6.9% y/y growth in September
By Cameron Jones in Kyiv December 1, 2021

Real wages in Ukraine rose 4.0% year on year in October, slowing from 6.9% y/y growth in September, the State Statistics Service reported on November 29. The average monthly nominal wage amounted to UAH14,045 ($533), declining from UAH14,239 in September, or 2.2% month on month in real terms.

The leaders for average monthly wages were the city of Kyiv (UAH20,481 ($754)), and Ukrainian-controlled Donetsk (UAH14,791) and Kyiv (UAH14,554) regions. The largest average nominal wage increase was in hospitality and catering services (27.2% y/y), arts, agriculture (27.0% y/y), as well as information and telecommunication (25.6% y/y).

Within the industrial sector, the highest growth of nominal wages was in pharmaceuticals (20.6% y/y), wood processing (17.4% y/y), rubber and plastics production (15.3% y/y).

Analysts at Concorde Capital attribute the slower growth rate of real wages in October to the increasing comparative base of the previous year as well as high consumer inflation. They also suppose that a 7.0% hryvnia appreciation in 10M21 is also a factor for slower wage growth as Ukrainian employers often use dollar equivalent of wages as a benchmark. "We expect real wages will rise 8-9% y/y in 2021," they said.

 

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