Page 64 - RusRPTJul24

Nominal wages: Analysts have raised their forecast for nominal wages growth to 12.8% (+2.5 pp) in 2024, followed by a deceleration to 7.8% (+0.7 pp) in 2025 and to 6.8% (+0.7 pp) 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 5.4% (+2.2 pp) in 2024, by 3.0% (+0.6 pp) in 2025, by 2.4% (+0.4 pp) in 2026. Accordingly, by the end of the forecast horizon, real wages will be 20.2% higher than in 2021 (16.6% higher, according to the April survey).
64 RUSSIA Country Report July 2024 www.intellinews.com