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Friday 26.05.2017 | Name days: Varis, Eduards, Edvards
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FM: this year average gross wages may reach EUR 906.1

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAverage gross monthly wages of people employed in the country could exceed EUR 1,000 in 2020, as mentioned in Finance Ministry’s macroeconomic indexes outlook.

Finance Ministry notes that average gross wage in the country was EUR 858.9 in 2016. This year, however, wages may rise to EUR 906.1.

Average gross wage rise is expected to continue in future years – to EUR 951.4 in 2018, to EUR 999 in 2019 and EUR 1,049 in 2020.

The ministry also predicts that the employment level will stagnate in future years. In 2017, there could be 896,100 employed people in the country. The employment level is not expected to change in 2018 and 2020. It is predicted that 897,900 people will be employed in this period.

At the same time, the average unemployment level will continue to decline. It is expected that unemployment level of 2017 will be 9.4%. Unemployment is expected to drop to 8.9% in 2018, 8.4% in 2019 and 8.2% in 2020.

According to the ministry’s estimates, Latvia’s economic growth will reach 3.2% in 2017 and 3.4% in 2018.

The ministry believes the increased speed of economic growth in 2017 will be influenced by the improvement of the situation in the external environment and more rapid economic growth in the world and Latvia’s main trade partner countries, as well as restoration of investments in Latvia and growth of inflow of EU funds.

Finance Ministry’s macro-economic index outlook is based on conservative assumptions and assessment of external and internal environment risks. The most significant negative risks are related to the external environment and political situation in the world. This includes the new policy of the US administration, uncertainty with elections in multiple EU countries and the tense geopolitical situation in the world caused by Russia’s policy.

Internal risks include the lasting low investment level and the disproportionate wage rise and unpredictable rise of producer costs caused by price rise for energy resources, as well as delays in the use of EU fund investments.

Ref: 224.109.109.2312


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