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Wednesday 23.05.2018 | Name days: Leontīne, Ligija, Lonija, Leokādija
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Average wage growth in Latvia could be slower this year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q1 2016, average monthly gross wages and salaries in the country constituted EUR 827. As compared to Q1 2015, average wages and salaries grew by 5.3 %, moreover growth rate was lower than a year ago.

Average gross wages and salaries in private sector accounted for EUR 820, in public sector – for EUR 842, while in general government sector, that includes central and local government institutions, the State Social Insurance Agency, as well as corporations controlled and financed by the central and local governments– for EUR 788. During the year, wages and salaries in private sector rose by 6.0 % and in public sector – by 4.1 %, according to data from the Central Statistical Bureau of Latvia.

In Q1 2016, average net wages and salaries constituted EUR 610, rising by 5.2 % during the year. Decline in the consumer prices of 0.4 % during the year increased purchasing power of employed population, leading to 5.6 % rise in real net wages and salaries.

As compared to the corresponding period of 2015, in Q1 2016 fund of gross wages and salaries increased by 6.1 % or EUR 104.0 million, whereas number of salaried workers (at full-time equivalent) grew only by 0.8 % or 5.5 thousand.

Rise of minimum wage from EUR 360 to EUR 370 or 2.8 % since 1 January 2016 did not have major effect on the average wage changes.

In Q1 2016, just like in the previous year, the highest average wages and salaries were recorded in financial and insurance activities, information and communication sector, energy sector.  While the lowest average wages and salaries were observed in accommodation and food service activities, other service activities, education, arts, entertainment and recreation, trade, as well as administrative and support service activities.

As compared to Q1 2015, in Q1 2016 average gross wages and salaries grew in all economic activities. During the year, more notable wage and salary increase was recorded in other service activities – of 9.2 %, agriculture, forestry and fishing – of 8.4 %, real estate activities – of 8.2 %, water supply; sewerage, waste management, and remediation activities, as well as mining and quarrying – of 7.7 %, and accommodation and food service activities – of 7.4 %.

Wage and salary rise in real estate activities and mining and quarrying was influenced by increase in wage and salary fund and drop in the number of full-time employees, while in other activities rise was recorded in both number of employees and wage and salary fund.

During the year, lower rise was observed in sectors with the highest wages and salaries in the country – financial and insurance activities, as well as information and communication sector.

As compared to Q1 the previous year, wages and salaries have risen in all Baltic States, however the lowest increase was recorded in Latvia. During the year, average gross wages and salaries in Estonia grew by 8.1 % and in Lithuania – by 6.9 %. In Q1 2016, the highest average monthly gross wages and salaries were observed in Estonia (1 091 euros), while the lowest – in Lithuania (748 euros). Minimum wage also in the other two neighbouring countries, just like in Latvia, increased since the January 1: in Lithuania from EUR 300 to EUR 350 (rise of 16.7 %) and in Estonia from EUR 390 to EUR 430 (of 10.3 %).

Ref: 102.109.109.7852


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