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Sunday, 11.12.2016, 11:58
The rise in wages continues to stall. The average wage for full-time work in the third quarter of 2016 was by only 2.2% higher than a year ago, which is the slowest growth rate in the last six years. Even though there is no doubt about a slower wage rise this year, other statistical data sources (State Revenue Service and national account data) do not have such pronounced slowdown. Thus there is no reason for alarm and the view that the rise in average wage has come to a sudden stop in the past few months. Next year, we are likely to return to a moderate 3-5% year-on-year wage rise – such a rate of growth was the case in 2011-2013.
Keyword tags: Analytics, Banks, Direct Speech, Latvia, Wages
Data of the Central Statistical Bureau (CSB) show that in the 3rd quarter of 2016 the average monthly gross wages and salaries in the country amounted to 847 euros. Compared to the 3rd quarter of 2015, average wages and salaries have grown by 18 euros or 2.2%, indicating a lower annual increase than in the 2nd quarter of the present year (3.3%).
Statistics Lithuania informs that in III quarter 2016 average gross monthly earnings in the whole economy (excl. individual enterprises) totalled EUR 793.3: in the public sector2– EUR 806.6, in the private – EUR 786.7. Against II quarter 2016, average gross monthly earnings in the whole economy increased by 2.8%: in the public sector – by 3, in the private – by 2.7%.
The average wage stood at 1119 euros in the third quarter and its growth rate slowed.The latest data show labour costs continued to increase faster than productivity.
Average gross monthly earnings in Lithuania's economy, excluding sole proprietorships, rose by 7.9% in the third quarter of 2016 compared with a year earlier to reach 793.3 euros, Statistics Lithuania said on Friday.