Wage growth in Russia was unchanged from the previous month at 8.5% in January of 2024, aligned with the low unemployment rate due to the ongoing labor supply crisis that Russia faces. Wage Growth in Russia averaged 5.22 percent from 1998 until 2024, reaching an all time high of 27.20 percent in December of 2001 and a record low of -41.40 percent in January of 1999. source: Federal State Statistics Service

Wages in Russia increased 8.50 percent in January of 2024 over the same month in the previous year.

Wages in Russia increased 8.50 percent in January of 2024 over the same month in the previous year. Wage Growth in Russia is expected to be 8.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Real Wage Growth is projected to trend around 4.00 percent in 2025 and 3.50 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-02-28 04:00 PM
Real Wage Growth YoY
Dec 8.5% 7.2% 6.0%
2024-04-03 04:00 PM
Real Wage Growth YoY
Jan 8.5% 8.5% 8.1% 8.3%
2024-04-26 04:00 PM
Real Wage Growth YoY
Feb 8.5% 8% 8.3%


Related Last Previous Unit Reference
Employed Persons 73.40 73.20 Million Feb 2024
Employment Rate 60.70 60.60 percent Feb 2024
Labor Force Participation Rate 63.20 63.00 percent Dec 2023
Minimum Wages 19242.00 16242.00 RUB/Month Jan 2024
Population 145.60 146.20 Million Dec 2022
Productivity -3.60 3.70 percent Dec 2022
Unemployed Persons 2.10 2.20 Million Feb 2024
Unemployment Rate 2.80 2.90 percent Feb 2024
Real Wage Growth YoY 8.50 8.50 percent Jan 2024
Wages 75034.00 103815.00 RUB/Month Jan 2024
Wages in Manufacturing 73675.00 73145.00 RUB/Month Nov 2023

Russia Real Wage Growth
In Russia, Real Wage Growth measures the year-on-year change in average monthly wages adjusted for inflation.
Actual Previous Highest Lowest Dates Unit Frequency
8.50 8.50 27.20 -41.40 1998 - 2024 percent Monthly

News Stream
Russia Real Wage Growth Quickens to 8.5% in December
Real wages in Russia rose by 8.5% year-on-year in December 2023, accelerating from a 7.2% advance in November. It marked the 15th consecutive month of real wage increases. Meanwhile, average nominal wages grew 16.6% from a year earlier to 103,815 roubles and jumped by 41.5% over the month. The annual inflation rate in Russia was 7.4% in December 2023. Real wages grew by 7.8% in 2023.
2024-02-28
Russia Real Wage Growth Sharply above Estimates
Real wages in Russia rose by 7.2% year-on-year in November 2023, slowing from a 9.9% increase in September but sharply beating expectations of 5.1% growth. Meanwhile, average nominal wages jumped by 15.2% to 73,383 rubles over the year and declined by 0.6% over the month. The annual inflation rate in Russia was 7.4% in December 2023.
2024-02-07
Russia Real Wages Grew More Than Expected
Real wages in Russia rose by 9.9% year-on-year in October 2023, accelerating from a 7.2% increase in September and easily beating expectations of 7.2% growth. Meanwhile, average nominal wages jumped by 17.2% to 73,830 roubles over the year and by 3.9% over the month. The annual inflation rate in Russia was 7.5% in November 2023.
2023-12-27