Real wages in Russia rose 3.5 percent year-on-year in July of 2019, following an upwardly revised 2.9 percent gain in the previous month and beating market forecasts of a 2.3 percent increase. It was the biggest gain in real wages since November 2018. Average nominal wages surged 8.2 percent to RUB 45,900 while annual inflation was at 4.6 percent. Wage Growth in Russia averaged 5.67 percent from 1998 until 2019, 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.
Wage Growth in Russia is expected to be 2.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in Russia to stand at 2.50 in 12 months time. In the long-term, the Russia Real Wage Growth is projected to trend around 2.50 percent in 2020, according to our econometric models.