In addition to the fact that inflation in Ukraine continues to accelerate, reaching 11.2% year-on-year in November 2024 and surpassing the projected trajectory published in the Inflation Report for October 2024, wages in the country for most types of economic activity are currently higher than they were before the start of the full-scale war. TSN reports. This information is provided by Kontrakty.UA.
This is confirmed by a new macroeconomic and monetary review from the National Bank.
According to the report, the primary reason for the increase in wages in Ukraine is the labor shortage.
"Wages continue to rise at a rapid pace due to the shortage of workers. According to DSSU data, in Q3 2024, nominal wages increased by 22.3% year-on-year, while real wages rose by 14.2% year-on-year (calculated by the NBU based on DSSU data)," the National Bank's review states.
Experts add that in most sectors of economic activity, wages are higher than they were in Q3 2021 (i.e., before the full-scale war). The exceptions are the fields of education and the arts.
Based on indirect indicators, wage growth was also recorded in Q4 2024.
It is worth noting that recently, specialists have increasingly emphasized the labor shortage caused by the emigration of people from Ukraine and mobilization.
Causes of Labor Shortage in Ukraine
The NBU, citing UN data, notes that the number of migrants outside Ukraine as of mid-December 2024 was 6.8 million people. At the same time, the adaptation of Ukrainian migrants abroad is increasing.
"The number of new job vacancies and resumes has decreased compared to previous months primarily due to seasonal factors. However, their annual growth has accelerated, indicating further increases in both the supply and demand for labor. Despite a certain increase in the supply of labor, its shortage continues to limit the operations of enterprises," the National Bank's review states.
Recall that the minimum wage in Poland has exceeded the Ukrainian wage by six times. Experts have stated a specific amount.