Real wages in Russia increased in February by 2.0% y/y

(This footage was produced in Russia, where it is prohibited by law to cover the special military operation of the Russian Federation in Ukraine)

MOSCOW, May 3 (Reuters) – Real wage growth in Russia in February 2023 in annual terms was 2.0% vs. 0.6% in January, Rosstat reported.

The result was better than forecasts of analysts who expected real wages to rise by 1.1%YoY.

By January 2023, real wages – adjusted for inflation – increased by 1.4%, the statistics service calculated.

The nominal average monthly salary in February increased by 13.2% compared to the same period last year, and by January 2023 by 1.9% and amounted to 65,094 rubles.

The new macroeconomic forecast of the Ministry of Development assumes an increase in real wages this year by 5.4%.

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)