2024 was a landmark year for real wage growth in Ukraine, with inflation-adjusted wages increasing by an average of 14.4%. The largest increases were seen in industries such as IT, trade and real estate, while other sectors such as education and art experienced declines. This is according to the inflation report of the National Bank of Ukraine (NBU) .
The growth in real incomes in 2024 was made possible by the shortage of personnel created by the war and population migration. This stimulated employers to raise salaries in order to retain qualified specialists.
According to Danylo Hetmantsev , in the third quarter of 2024, the average real salary in the economy already exceeded the pre-war level (the same period in 2021) by 7.2% .
“The labor shortage remains significantly higher than before the full-scale invasion, but it is gradually decreasing, which is affecting the growth rate,” the NBU emphasized.
The most significant salary growth was recorded in the following industries:
- IT sector: +45,5%
- Trade: +32,3%
- Real estate transactions: +23,8%
- Finances: +22,6%
- Hotel and restaurant business: +21,4%
The growth in IT is explained not only by the shortage of personnel, but also by the high demand for Ukrainian specialists on a global scale. In trade and real estate, the increase in salaries was a result of economic activity in these areas, which demonstrate recovery after the crisis.
However, not all industries experienced income growth. In the construction , wages remained almost unchanged (+0.9%), and in some sectors, real incomes even decreased:
- Education: -14,8%
- Art: -10,1%
The reduction in salaries in these areas is due to low funding and falling demand for the services they provide.
According to the NBU's forecasts, in 2025, real wage growth will slow significantly to 3.8% , due to higher inflation (12.4% versus 6.5% in 2024) and further stabilization of the labor market.
Despite this, the shortage of personnel in some industries will remain at a high level, which causes uneven wage dynamics between different sectors of the economy.
Overall, the economy is showing a gradual recovery, but certain sectors require more attention to overcome the crisis.
