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Sunday, 26.03.2017, 10:11
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.
Keyword tags: Analytics, Banks, Direct Speech, Economics, Wages
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%.
According to the data of the Central Statistical Bureau (CSB), the rate of wage increase in 2016 (5.0%) in Latvia was the slowest in the last three years. At the end of the year, in the fourth quarter, the gross wage grew 5.9%. year-on-year. Slowdown in the rise in remuneration in 2016 was expected, for economic growth slowed down and changes in legislation had less of a positive impact than in previous years.
Data of the Central Statistical Bureau (CSB) show that in 2016 the average monthly gross wages and salaries in the country amounted to 859 euros. Compared to 2015 when annual increase constituted 6.8%, in 2016 smaller rise in the average wages and salaries was recorded – 41 euros or 5.0.