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Wednesday 20.09.2017 | Name days: Marianna, Ginters, Guntra

SEB: salaries to grow faster this year

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Households in all three Baltic states continue to increase their savings. Residents’ interest toward crediting is also gradually growing, according to the latest SEB bank’s financial outlook of Baltic households.

Author: SXCEmployments across the whole of the three Baltic countries region increases, while unemployment drops. Compared to other Baltic states, Estonia’s unemployment seems to be reducing most notably. Last year, Estonia’s unemployment index reduced by 2.1% to 9.3%. Latvia’s unemployment reduced by 1.2% to 13.8%, while Lithuania’s index was 13% – 0.7% lower than it was in 2011.

“The main factor to contribute to the reduction of unemployment in the Baltics is largely related to the creation of new jobs. However, immigration also played a part. It is expected that the number of available jobs will keep on increasing in the future as well, but at a slower pace than before”, – SEB bank social economic expert Edmunds Rudzitis comments.

Last year, the most rapid salary increase was registered in Estonia – the average salaries there increased by 5.9%. Latvia’s average increase was 3.7%, while Lithuania’s – 2.6%. SEB bank experts believe Baltic States will experience a more rapid salary increase in 2013.

It is said that Estonia’s average salaries will grow by 7 – 8%, Latvia’s salaries – by 4.5% and Lithuania’s – by 4%.

Also, financial assets of Baltic households continued to grow last year in all three countries. Compared to 2011, financial assets of Latvian households were growing nearly at the same rate as those of Lithuanian households (8.8% and 8.7%). Estonia’s rise was a bit faster – 9.9%.

The rise of households’ financial assets was mostly contributed by the increase of payments to state funded II level pensions plans. Estonia’s and Lithuania’s rise was affected by the rise in investments.

“Even though interest rates reduced rapidly, households continued to save additional funds in commercial banks. This can be explained by the fact that households still have not saved enough money for emergencies. Also, many households do not want to invest money in high-risk assets”, – SEB bank Lithuanian families financial expert Julita Varanauskiene explains.

Low interest rates could increase the investment rates in Estonia and Lithuania. Latvia’s investment increase could be positively contributed by the decision to join the Eurozone. As soon as the final decision about adopting the Euro is made, households are likely to reduce the volume of their long-kept cash savings, the bank experts note.

Ref: 102.109.109.6902


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