Real wages in Russia increased 4.6 percent year-on-year in November of 2018, following an upwardly revised 5.2 percent rise in the previous month and well above market expectations of a 4 percent gain. Average nominal wages jumped 8.6 percent to RUB 42,750 while annual inflation rate rose to 3.8 percent, its highest level since July 2017. Meanwhile, real disposable personal income in Russia decreased 2.9 percent in November, following a 0.3 percent gain in October. Wage Growth in Russia averaged 5.77 percent from 1998 until 2018, 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 4.20 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 2.20 in 12 months time. In the long-term, the Russia Real Wage Growth is projected to trend around 2.20 percent in 2020, according to our econometric models.