The Central Bank of Russia expects the pace of growth in real wages…
The Central Bank of Russia expects the pace of growth in real wages and labor productivity to converge. 'We expect the rate of growth in real wages to converge with the rate of growth in labor productivity.'
Consensus
- The Bank of Russia expects the growth rates of real wages and labor productivity to approach each other
- Real wage growth exceeded productivity growth but is expected to converge
- This convergence is considered necessary for balanced economic development
- Rosstat reported that real wage growth in April 2026 was 5.1% annually
Points of divergence
- Real wages grew by 5.1% year-on-year in April 2026, following increases of 8.1%, 8.6%, and 8.6% in previous months — interfax
- Rosstat reported that average monthly nominal salary in Moscow rose to 219,618 rubles by March 2026 compared to the same period last year — vedomosti
- Average salary across Russia in March 2026 was 112,654 rubles, up from 97,645 rubles a year earlier — vedomosti
- President Vladimir Putin stated that real wages have increased by more than 30% over five years and emphasized the need for wage growth to be linked with productivity improvements — vedomosti
Coverage (2 sources)
- Real wage growth, according to the Central Bank's assessment, outpaces productivity gains — Интерфакс
- Central Bank expects convergence in the growth rates of real wages and labor productivity — Ведомости