Real wages in Russia increased by 2.7% y/y in March

MOSCOW, May 31 (Reuters) – Real wages in Russia rose by 2.7% year-on-year in March 2023, up from 2.0% in February, Rosstat reported on Wednesday.

The result turned out to be worse than forecasts of analysts, who expected real wage growth by 3.6%YoY.

By February 2023, real wages – adjusted for inflation – increased by 9.1%, the statistics service calculated.

The nominal average monthly salary in March, compared to the same period last year, increased by 6.3%, and by February 2023 by 9.5% and amounted to 71,334 rubles.

The macro forecast of the Ministry of Development assumes that real wages will increase by 5.4% this year.

At the end of 2022, real wages fell by 1.0% against an increase of 4.5% in 2021. Even before the start of the Russian “special operation” in Ukraine, the authorities predicted an increase in real wages by 2.4% in 2022.

The nominal salary in 2022, according to Rosstat, increased by 12.6% to 64,191 rubles. (Daria Korsunska)