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Friday 18.08.2017 | Name days: Liene, Helēna, Elena, Ellena, Liena
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Average salary growth rates become slower in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q2 2016, average gross wages and salaries in the country constituted 838 euros. Compared to Q2 2015, average wages and salaries grew by 3.3% or 27 euros, indicating 2.6 percentage points lower annual increase rate than in Q1.

Average monthly gross wages and salaries in the private sector accounted for 813 euros and for 885 euros in the public sector, while in general government sector that includes state and local government institutions, State Social Insurance Agency and enterprises controlled and financed by the central and local governments – 824 euros. Annual increase in the wages and salaries was similar in both private and public sector – of 3.3 and 3.2%, respectively, according to data from the Central Statistical Bureau of Latvia.

In Q2 2016, the average net wages and salaries in the country comprised 616 euros, and, compared to Q2 the previous year, wages and salaries grew by 2.9%. Annual drop of 0.7% in the consumer prices had effect on the purchasing power of the employed resulting in 3.6% increase in the real net wages and salaries.

Compared to the corresponding period of 2015, gross wage and salary fund increased by 5.3% or 95.4 million euros in Q2 2016, but the number of salaried workers in the country (at full time-units) grew by 1.9 or 13.9 thousand.

In Q2 2016, just like in the previous year, the highest average wages and salaries were recorded in financial and insurance activities, information and communication, as well as energy sector, whereas the lowest wages and salaries were observed in accommodation and food service activities, other service activities, education, arts, entertainment and recreation, and trade.

Compared to Q2 2015, average gross wages and salaries rose in all sectors except for professional, scientific and technical activities as well as transportation and storage indicating a decline of 0.8% and 0.6% in Q2 2016, respectively.

Greater increase was recorded in water supply; sewerage, waste management, and remediation activities (of 10.0%), administrative and support service activities (of 7.9%) that was influenced by the rise in irregular bonuses. During the year, regular wages and salaries in the sectors rose by 5.2% and 6.1%, respectively.

The increase exceeding the national average was observed also in public administration (of 4.7%), financial and insurance activities (4.5%), manufacturing (4.0%) and information and communication (3.6%). Wage and salary increase in other sectors was comparatively smaller – from 1.4% to 3.2% during the year.

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