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Central Bank reports rapid growth of salaries

Credit: Nataliya Seliverstova| RIAN

Salaries in several industries increased by almost 10% in the first quarter of this year, with the largest growth recorded in construction, manufacturing and trade, Izvestia daily reported quoting the Central Bank’s ‘Talking Trends’ Bulletin.

In these industries, salaries grew by an average of 6-9% in the first quarter; in the public sector, the growth is 1-5%. Last year, according to Rosstat, the average monthly salary of civil servants at federal agencies increased by 5.4% to RUR 126,6K ($2K) – about three times the national average of RUR 43,4K ($670).

However, some Russian industries have remained outside the upward trend; financiers (including bankers, insurers, etc.) have even experienced a 1.5% decline in incomes. Salaries of medical workers are also growing very slowly.

Experts believe the growth of wages in certain industries is largely due to the low base effect – a large percentage change from a low initial amount. Industries where salaries were relatively high before are stagnant or are showing a decline. Overall, experts do not expect a nationwide rise in incomes because Russia’s GDP growth is slowing down if anything.

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