Key findings:

• The number of employed in the economy decreased by 0,1% in seasonally adjusted terms for the quarter, while the average actual employment reached 4148,4 thsnd. persons. 

• The unemployment rate continues to decline. By the end of the quarter, a new historical low of 2,6% was reached. 

• A significant surge was observed both in new hires and terminations. The number of additionally introduced workplaces remained approximately at the level of the previous quarter. 

• The most active labor market and wage dynamics in regional terms were demonstrated by Minsk City and Minsk Region, while a slowdown was observed in Grodno Region and Vitebsk Region. Against the backdrop of a small contribution to the growth of additionally introduced workplaces and wages, the large contribution of new hires and terminations in Gomel Region may indicate rising staff turnover. 

• By industry, the most dynamic labor market developments were seen in industry, trade and service, and other services. A slowdown was observed in financial services, agriculture, and information and communication. 

• Labor market conditions continue to tighten, primarily due to the decline in the unemployment rate and the high growth in vacancies. 

• The real wage grew by 1,7% for the quarter (seasonally adjusted). Real wage growth slowed due to rising inflation. The gap between wage growth and labor productivity remained significant. 

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