Page 90 - RusRPTAug24

Nominal wages: Analysts have once again raised their forecast for nominal wage growth to 15.6% (+2.8 pp) in 2024, followed by a deceleration to 8.3% (+0.5 pp) in 2025, to 6.9% (+0.1 pp) in 2026 and to 6.4% by the end of the forecast horizon. Calculations based on analysts’ forecasts of nominal wages and average CPI suggest that real wages will increase by 7.3% in 2024, by 3.0% in 2025, by 2.4% in 2026 and by 2.3% in 2027. Accordingly, by the end of the forecast horizon, real wages will be 25.8% higher than in 2021.
Consolidated budget balance: Analysts expect consolidated budget deficit of 1.3% of GDP in 2024, followed by a decline to 1.0% of GDP in 2025, to 0.8% of GDP in 2026 and to 0.7% by the end of the forecast horizon.
90 RUSSIA Country Report August 2024 www.intellinews.com