The amount of jobs in Kazakhstan has decreased this year five months in a row even though the level of salaries has gotten higher. Many employees quit their current jobs to find something better, according to ErbolatDosaev, head of the National Bank of Kazakhstan.
According to the Bureau of National Statistics, the unemployment rate in September was 4.9% with an average monthly salary of $598 ($597 in August).
“As the average salaries in the country continue to grow, the index of service cost prices had also grown in 2020 (from 49 to 67 points). Business activity rebounding and growth of salaries (which account for about 50% of service cost prices) are additional sources of pressure affecting the inflation rate,” he said.
As the official noted, the inflation rate in October reached 0.7% while the yearly rate is about 8.9%. Inflation has stopped growing for the last six months following the slower growth of food prices (from 11.5% to 11.3%). However, nonfood inflation has still increased (from 7.5% to 7.8%) as well as inflation of paid services (from 6.8% to 6.9%).
Dosaev believes that once preventive measures adopted within the anti-inflation program and aimed at lifting disproportions on the commodity markets are in place, the country can enter into a target corridor of 4-6% of inflation rate next year.
In the third quarter of 2021, the average salary in Kazakhstan was $567 per month. The index of nominal wages compared to the same period last year is 119.3%, and real wages 109.8%. As the statistic data shows, the highest nominal salaries in Kazakhstan are in the mining industry ($1,167), in the finance sector ($1,054), in professional, scientific and technical areas ($860), and information and communication industry ($771).
Recommended in this section