The State Statistics Department of the Ministry of Finance of Ukraine reported how Ukrainians’ income in dollar equivalent had changed for last 10 years. According to the received estimates, the highest average wage and cost of living for the last 10 years reached its maximum at the beginning of 2014.
How was the income changing? (the data is based on January of each year)
|
Year |
Average income in UAH |
Dollar exchange rate |
Average income in USD |
* According to the data of the State Department of Statistics, the National Bank of Ukraine, and the Ministry of Finance
** Forecast
According to the statistics, now the wages are rising in national currency but it feels like they are falling. “Unfortunately, the growth of nominal wages and living wage in UAH does not indicate an increase in the standard of living” an economist Alexander Dudchak noted.
According to him, Ukrainians do have rely on the data calculated in dollars. The Ukrainian economy for a long time could not provide itself with the necessary products, dependence on imports is very high. According to some estimates, the National Bank of Ukraine rejected two-thirds of applications to purchase foreign currency. Ukraine can’t run a full program of import substitution as the country needs investments and loans, but no one gives it.
“In 2016 we expect a positive trend, but we should remember that only decrease could be sudden, when the economic recovery, in general, is always very slow. Moreover, given the fact, that the recovery will be under conditions when the National Bank does not have the proper confidence of the population,” told us an economist Vasiliy Yurchishin.
