International Internet Magazine. Baltic States news & analytics
Sunday, 30.04.2017, 00:33
The alignment of growth in labour productivity and in wages improved in the second half of 2016 as growth accelerated in productivity and slowed a little in wages. Whether companies can improve their profitability as foreign demand recovers will depend on whether labour productivity grows further. People changed jobs more last year than they did the year before. Simultaneous increases in the number of vacancies and in unemployment indicate however that there is a worse match between labour and jobs.
Keyword tags: Analytics, Banks, Economics, Estonia, Financial Services, Labour-market, Wages
Hourly labour costs ranged from €4.4 to €42.0 across the EU member states in 2016. The lowest labour costs are in Bulgaria and Romania, while the highest are in Denmark and Belgium. Within the euro area, the largest increases were recorded in the Baltic States: Lithuania (+7.5%), Latvia (+6.4%) and Estonia (+5.6%).
Martin Gauss was paid EUR 1.042 mln in salary as CEO of Latvia’s airBaltic national carrier last year, which was 23.5% more than a year before, according to his asset declaration submitted to the State Revenue Service. airBaltic closed 2016 with a EUR 1.2 mln profit, writes LETA.
Latest projection of the Bank of Lithuania: Given economic acceleration and average wage will rise more than prices21.03.2017
Having assessed the gradual pick-up in domestic economic activity and the improving situation of Lithuanian manufacturers in relevant foreign markets, the Bank of Lithuania projects that this year the economy will expand by 2.6%, while its growth rate next year will reach 2.8%. Wage growth, estimated to stand at 6.1% in 2017 and 5.7% in 2018, will outstrip the rising inflation rates. Such projections for economic and wage growth are higher than expected and announced at the end of last year.
Seasonally non-adjusted data of the Central Statistical Bureau (CSB) show that,compared to the 4th quarter of the previous year, in the 4th quarter of 2016 hourly labour costs rose by 51 cents or 7.3%, reaching 7.46 euros.Seasonally adjusted data, in turn, show that labour costs increased by 7.8%.
The next raise of the minimum wage for general education teachers in Latvia is planned on September 1, 2018, according to the timetable for pay rise to teachers prepared by the Education and Science Ministry, informs LETA.
Statistics Lithuania informs that in IV quarter 2016, against the same quarter of 2015, labour costs per hour worked in industrial, construction and service enterprises (including individual enterprises), calendar adjusted, increased by 10.7%, of which in business enterprises – 10.6%.