Wage growth in Ukraine exceeds inflation rate – Kubiv

Wage growth in Ukraine exceeds inflation rate – Kubiv

In 2018, Ukraine’s GDP exceeded 3%, inflation was less than 10% and wage growth exceeded inflation rate.

First Vice Prime Minister – Minister for Economic Development and Trade Stepan Kubiv stated this during Government Question Hour meeting, an Ukrinform correspondent reports.

"In 2018, GDP growth exceeded 3% and inflation was less than 10%, which is the lowest figure in the last five years. And the growth of salaries of Ukrainians exceeded inflation. As of November, the average wage grew by 22.5%," said Kubiv.

As reported, the minimum wage in Ukraine grew from UAH 3,723 to UAH 4,137 on January 1, 2019. The National Bank expects a slowdown in wage growth in Ukraine, forecasting a rise in nominal wages by 16% in 2019 and by 10% in 2020, or by 7% and 5% in real terms.

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