Rosstat reported an increase in real wages in May by 13.3% in annual terms
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In May 2023, the average monthly accrued wages of employees of organizations in Russia amounted to 72,851 rubles. In real terms (adjusted for inflation and excluding mandatory payments), the salaries of Russians in May rose by 13.3% in annual terms, according to data (.pdf) Rosstat. According to RBCThis is the highest growth in real wages in the last 15 years.
From January to May, real wages rose by a total of 6%, according to Rosstat. In nominal terms, the average monthly salary in the Russian Federation showed a year-on-year growth of 16.1%.
In addition, Rosstat calculated that the real income of the population of Russia in the second quarter increased by 5.3% in annual terms. This is the highest growth since the third quarter of 2021, when the real income of Russians increased by 8.6%.
The Statistical Service also revised the indicators of real wage growth for the first quarter of this year. Now, according to Rosstat, growth for the reporting period was 3%, not 0.1%, as previously reported.
The Ministry of Economy expects real wage growth to be 5.4% in 2023, and 2.8% each in 2024 and 2025. The agency believes that the growth of real wages will be affected by a slowdown in inflation, low unemployment and employers’ competition for labor.
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