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2% reduction in real wages observed in Kazakhstan

2% reduction in real wages observed in Kazakhstan
10 May 2017 14:50 566

ASTANA. KAZINFORM For the second year in a row, the growth of real wages in Kazakhstan has lagged behind inflation - in Q1 2017 the purchasing power of payroll employees has reduced by 2% compared to the previous year.    

According to finprom.kz portal, in January-March 2017 the level of real earnings in Kazakhstan fell by 2.7% against the same period in 2015.

In January-March 2017, the prices for main consumer commodities and services in Kazakhstan rose by 7.8% compared to year 2016. Meanwhile,  nominal rate of the average monthly salary in the same period rose by 6% only.

Despite the continuing decline in purchasing power of Kazakhstanis’ earnings, the condition of the market gradually improves.

At the end of Q1 2017, the real number of payroll employees across Kazakhstan made 3.5mln people, that is 1% or 44,000 more than in January-March 2016.

The salaries of the employees specializing in repair of computers and household appliances increased sharply by 39.7% compared to January-March 2016. Their average monthly wages in Q1 2017 comprised 229,000 tenge. Sharp improvement in purchasing power was recorded in overland passenger transportation – the growth of real wage made 34.2%.

 

Real wages of payroll employees declined almost in all the regions of the country.  0.3% growth was registered in Akmola and Aktobe regions only.  The biggest reduction of real wages was fixed in Atyrau – by 8.3% and in Mangistau regions – by 6.5%. 

Keywords: Economy,