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Growth rate of wages drops in Kazakhstan

Growth rate of wages drops in Kazakhstan

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Date: 15 December 2015 15:32

Baku, Azerbaijan, Dec.15

By Elena Kosolapova – Trend:

The average monthly wage in Kazakhstan increased by 2 percent (2,500 tenges) in Q3 2015 and stood at 124,700 tenges, according to Ranking.kz analytical service.

The official exchange rate on Dec.15 is 322.47 tenges/ $1.

The growth rate of the average monthly wage in Kazakhstan decreased to its lowest level in the past three years.

It was 12 percent per annum in Q3 of 2012, 6 percent and 11 percent, in the same period of 2013 and 2014, respectively.

At the same time, the inflation stood at 4.4 percent in September 2015, or more than twice the growth rate of the average monthly wage, according to the National Bank of Kazakhstan.

The consumer price index rose to a three-year high - 12.8 percent - in October.

The highest growth rate in wages was observed in the following sectors: financial sector – 28,900 tenges per year, mining industry – 11,500 tenges, construction – 10,300 tenges.

The salaries in agriculture and entertainment industry were increased by 6,000 tenges in a year.

Salaries of doctors and servicemen have increased by 2,600 tenges and 700 tenges, respectively.

This is while the wages of teachers and transport workers have decreased by 300 tenges and 1,300 tenges, respectively.

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