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4.5.2 Nominal wages dynamics
Household expenditures are growing rapidly. Their expenditures in 2Q23 may have nearly reached volumes of 4Q21 in real terms. Real incomes of households likely remained little changed in 2022 vs 2021 thanks to a boost in salaries of military personnel. This year, real incomes may grow marginally. Even though the level of salaries will remain little changed, the increase in employment will be the key supportive factor. Private consumption is also getting a boost due to changing saving/spending preferences. As the safety situation improved, households significantly slashed the share of income they save for rainy days and increased the share of current expenditures.
4.5.3 Retail sector dynamics
Retail Sales in Ukraine increased 35.50 percent in March of 2023 over the same month in the previous year as year on year comparisons bounced back on the low base effect caused by the start of the war.
26 UKRAINE Country Report August 2023 www.intellinews.com