Sberbank announced that average salary in Russia dropped lower than in China

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Labor in Russia became cheaper than in China. These data was given by the lead analyst of Sberbank Mikhail Matovnikov. According to him, the average salary in Russia dropped below $450 a month, which is also lower than in Serbia, Romania and Poland.

The average wages in Russia dropped below $450 a month, falling below the average salary in China. As reported by TASS, this was told by the lead analyst of Sberbank Mikhail Matovnikov in his presentation at a committee on interaction with minority shareholders in St. Petersburg.

“Labor in Russia became cheaper than in China,” the Agency quotes Matovnikov presentation.

From a comparative graph shown in the presentation, it follows that the average salary in Russia is currently $433 a month. This is less than in Serbia, Romania, China and Poland.

The document also states that the decline in the average wage in Russia allowed a number of companies that have factories in Russia to start the export of products abroad, or increase it. For example, Candy factory in Kirov started shipping to Europe, Australia and Japan, or the St. Petersburg car factory of Hyundai, that started producing cars for Egypt.

The economist has also noted that the growth was shown by those who invested in production in previous years, has a competitive product, the sales network abroad, and the necessary certificates.

“It is not only foreign manufacturers – Russian companies are also on the list, although the greater flow is actually generated by foreigners,” he stressed.

Source: RBC