The average salary in Ukraine increased by 22.5%

In the first quarter, the average salary in Ukraine increased by 22.5% compared to the same period in 2023.

Such data is provided by the State Statistics Service.

In absolute terms, it reached UAH 18,903.

The highest salaries are currently paid in the following sectors of the economy:

♦ IT and telecommunications - almost UAH 49.5 thousand

♦ financial and insurance sector - UAH 39.1 thousand

♦ air transportation - UAH 34.7 thousand.

The leaders in terms of growth in the first quarter were:

♦ hotel and restaurant business - +44.1%;

♦ construction - +44.0%;

water transport - +42.0%.

If we compare the growth rate of the average salary with inflation for the corresponding period (4.0% in January-March), the results look pretty good.

However, they should be treated with caution.

First, in only one of all the sectors (there are more than two dozen in total) of economic activity do wages exceed the equivalent of 1 thousand dollars or euros.

Secondly, the average salary in the aforementioned currency equivalent ($495), despite the pace of recovery, is still lower than the average in 2021 ($513.5).

Thirdly, two of the three sectors with the highest wage growth rates are deep in the bottom of the ranking in terms of absolute amounts: despite a 44% increase, the average salary in the hotel and restaurant industry reached only UAH 15,057, and in construction - UAH 14,561 (I will not go into assumptions about white/gray/black salaries/surcharges here, this is a separate topic) - and in fact, we are talking about the forced need to "catch up" because there will be no one to work at all.

Fourth, in the leading "export" sector of the national economy, agriculture, which accounts for more than 60% of the total, the average salary, despite a 19% increase, did not even reach UAH 15 thousand.

Therefore, I realize that the low level of income among the working population will be one of our biggest challenges in the economic sphere for a long time to come...