Govt macro forecast expects 4.4% growth in average monthly salary in 2022

The government's macro forecast expects an increase in the average monthly salary, taking into account inflation, by 4.4% in 2022, as well as by 6.1% and 5.6% in the next two years, according to resolution No. 586 dated May 31 released on the Government portal.

According to the document, the nominal gross domestic product (GDP) is expected at UAH 5.368 trillion in 2022, as well as UAH 5.993 trillion and UAH 6.651 trillion in 2023 and 2024.

Meanwhile, annual inflation on average in 2022 will be 7.2%, and at the end of the year (December to December) will be 6.2%. In the next two years, the growth of average annual inflation will be 6% and 5.2%, and at the end of the year (December to December) will be 5.3% and 5% in 2023 and 2024, respectively, the government said in the resolution.

In general, the macro forecast provides for GDP growth by 3.8% in 2022, by 4.7% in 2023 and by 5% in 2024, according to the macro forecast.

At the same time, the industrial producer price index in 2022 (December to December) will grow by 7.8%, and by 6.2% and 5.7% in 2023 and 2024, respectively.

According to the resolution, the average monthly salary of employees in Ukraine in 2022 will be UAH 15,260, while UAH 17,160 and UAH 19,060 in 2023 and 2024, respectively.

The government said in the document, an increase in the unemployment rate is expected to be 8.5% in 2022, some 8% in 2023 and 7.8% in 2024.

The macroeconomic forecast also expects an increase in exports by 6.5% with an increase in imports by 9.2% in 2022. Exports are expected to grow by 7.7% with imports growing by 9.4% in 2023 and these figures are expected at 7.9% and 8.6%, respectively, in 2024.

The trade deficit in 2023 is expected in the forecast at UAH 8.595 billion, with a further increase to UAH 10.623 billion and UAH 12.096 billion in 2023 and 2024, according to the document.

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