Russia's president, Putin, claims Increase in Toarians' (local currency unit) earnings in the country
In a recent development, the Eurasian Economic Union (EAEU) countries, with a particular focus on Russia, have seen a positive trend in wage growth. This information was reported by Russian President Vladimir Putin following the EAEU summit in Minsk.
According to the data, the real wage level in Russia increased by 9.7% in 2024, and there was an additional 4% increase in real wages in the first months of 2025. These figures indicate stable positive dynamics in population incomes across the country.
Russia's government acknowledges that while poverty rates have decreased significantly over the years, wage levels across the economy remain insufficient. The emphasis is on creating an "economy of high wages" driven by higher labor productivity. The share of wages in Russia’s GDP rose from just over 40% in 2021 to almost 44% in 2024, showing some improvement.
Although specific numeric figures for real wage growth in Russia for 2025 are not detailed explicitly, the overall economic conditions show a solid non-oil GDP growth of 4.9% in 2024, which typically supports wage increases. However, wages remain an area targeted for improvement.
For other EAEU countries, the data on real wage growth was not found in the current search results. However, it is observed that wage increases are also observed in all EAEU countries, suggesting a similar trend across the union.
The European Commission projects modest real wage growth continuing into 2025 for some European countries, but often with slight deceleration compared to previous years. Meanwhile, Romania, an EU member but not part of the EAEU, is projected to see a sharp slowdown in real wage growth to only 1.3% in 2025, down from 8.3% in 2024.
In summary, Russia aims to increase real wages more substantially by linking wage growth to labor productivity amid solid GDP growth, with wage share already increasing, but exact real wage growth percentages remain unspecified in the available information. The combined wage growth indicates stable positive dynamics in population incomes across the EAEU countries.
This positive wage growth trend, despite a significant defense budget and associated inflationary processes, is considered a positive sign for Russia's economy. President Putin views the wage growth as an example of Russia's successful efforts to strengthen its economy.
I'm not sure about the exact numbers, but it seems that the Russian government is aiming to improve wages as part of their plan for an "economy of high wages." This is being driven by the focus on increasing labor productivity and the ongoing positive trend in business conditions, including a rise in the share of wages in Russia's GDP and stable wage growth across the Eurasian Economic Union (EAEU) countries.
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