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29 Jun, 2023 10:55

Real wages surge in Russia

Rosstat has attributed the jump to a low base effect from last year
Real wages surge in Russia

Russia’s real wages in April were 10.4% higher compared to the same period a year ago, the country’s statistics service Rosstat reported on Wednesday.

The growth came mostly due to low base effect recorded last year, the agency said, adding that in April 2022 real wages dropped 7.2% because of a rise in the inflation rate.

Real wages refers to earnings that have been adjusted for inflation, or wages in terms of the amount of goods and services that they can buy.

In April 2023, real wages in Russia saw a month-on-month decline by 0.9%, but grew by 4.2% from January through April, Rosstat’s data showed.

“Average monthly earnings in April amounted to 71,204 rubles ($820), marking a year-on-year rise by 13%,” the agency said.

In nominal terms, wages in Russia dropped 0.5% in April compared to the previous month, but increased 11.4% year-on-year in January-April.

Russia’s economic ministry expects real wages to grow 5.4% in 2023.

According to a separate Rosstat report, the unemployment rate in Russia dropped to 3.2% in May, marking a new all-time low.

The previous record was set in April, when unemployment was recorded at 3.3%. In March and February the figure stood at 3.5%.

“In May 2023, some 2.4 million people aged 15 and above were classified as unemployed,” the agency said, adding that occupational level totaled 60.6%.

Earlier this month, Russian President Vladimir Putin called on the government to help boost labor productivity. Speaking at a plenary session of the St. Petersburg International Economic Forum (SPIEF), the head of state stressed that the poverty level in Russia was declining, a trend that he said must be maintained.

For more stories on economy & finance visit RT's business section

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