Slowdown in Nominal Wage Growth in Uzbekistan
In the second quarter of this year, the growth rate of nominal wages slowed to 17.4%, as reported by the Central Bank’s labor market review. Real wage growth also decreased to 7.7%.
According to the report, the high rate of wage growth is attributed to the carry-over effect of last year’s indexation and the relatively low average annual inflation. This has contributed to the continued increase in wages despite the slowing growth rate.
Among the various sectors, the services sector has seen the fastest growth in wages. Trade, transportation, and information and communications industries have experienced significant increases in wages, with growth rates of 24.6%, 20.6%, and 23.2% respectively.
On the other hand, the construction sector has seen a decline in wage growth since the second half of last year. This trend is in contrast to the overall increase in wages observed in other sectors.
Overall, the labor market review highlights the mixed trends in wage growth across different sectors in the economy. While some industries continue to see significant increases, others are experiencing a slowdown in wage growth. The report provides valuable insights into the dynamics of wage growth in the current economic environment.
