Prime Minister Groysman says average wages in Ukraine up 25% y/y in October

Prime Minister Groysman says average wages in Ukraine up 25% y/y in October
The average wage in Ukraine is up by quarter y/y to $326 in October
By bne IntelliNews December 3, 2018

The average wage in Ukraine in October 2018 was 25% higher year-over-year, and reached UAH9,200 ($326) on December 3, Ukrainian Prime Minister Volodymyr Groysman has said.  

"The average wage in Ukraine in October 2018 grew to UAH9,218. This is 24.9% more than in October 2017," he wrote on Twitter, reports UNAIN.

Groysman added that Ukraine's economy had been steadily growing for 11 quarters in a row. Growth slowed mildly in the third quarter of this year to 2.8%, down from 3.8% the previous quarter y/y. The estimate for the full year is now 3.4% of growth according to the government forecast.

The minimum wage in Ukraine was increased from UAH3,200 ($114) to UAH3,723 ($132) on January 1, 2018. Ukraine's government forecasts an increase in the average wage in 2018 to UAH10,000 ($356). The World Bank in its last World Economic Outlook called Ukraine the poorest country in Europe after incomes had fallen below the level of Moldova, the previous poorest. While an economic recovery is underway it is struggling to gather any momentum.

The National Bank of Ukraine expects a slowdown in the growth of wages and salaries in Ukraine next year, forecasting an increase in nominal wages by 16% and by 10% (or by a real 7% and 5%) in 2019 and 2010, respectively.

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