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Monday 22.07.2019 | Name days: Marija, Marika, Marina
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Average wage in Latvia grows by EUR 45

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q1 2015 the average monthly gross wages and salaries accounted for EUR 785. The average wages and salaries kept increasing; however, growth rate has been slowing down. While wages and salaries grew by 7.4% in Q1 2014, in Q1 2015, on the other hand, wages increased by 6.1% or 45 euros.

In private sector the average monthly wages and salaries amounted to EUR 773, in public sector – EUR 809, and in general government sector – EUR 757. In the private sector wages and salaries increased by 6.9% annually, and in the public sector – by 5.0%, according to data from the Central Statistical Bureau of Latvia.

The highest gross wages and salaries in Q1 2015 were registered in Estonia (EUR 1,010), while the lowest – in Lithuania (EUR 700). As compared to Q1 2014 the most rapid growth in wages and salaries was registered in Latvia. In Estonia and Lithuania growth in wages and salaries accounted for 4.5% and 4.3%, respectively.

Salaried employees in Latvia still receive relatively lower net wages and salaries as compared to the neighbouring countries. Average net wages and salaries in Latvia account for 74% of the average gross wages and salaries; in Lithuania they account for 78%, and in Estonia – 81%.

In Q1 2015 as compared to Q1 2014 the average number of salaried employees in the country recalculated into full-time units, grew by 0.3% or 2.5 thousand, while gross wages fund grew by 6.5% or by EUR 103.6 million.

In Q1 2015 the average monthly net wages and salaries accounted for EUR 579, and over the year they rose more rapidly than wages and salaries before taxes – by 6.8%. It can be explained with reduction of Personal Income Tax from 24% to 23% as of 1 January 2015. It should be noted that since the beginning of this year also the minimum wage in the country has changed – from EUR 320 to EUR 360 or by 12.5%, which affected changes in the average wages and salaries.

In Q1 2015 as compared to Q1 2014 the average consumer price level in the country did not change, and thus it did not have any effect on purchasing power of the working population.

At the beginning of this year the largest average wages and salaries were registered in financial and insurance activities sector, information and communication services, energy sector and public administration. In turn, the lowest average wages and salaries were observed in accommodation, food and other service activities sectors, education, art, entertainment and recreation sectors, trade as well as in real estate activities.

In Q1 2015 as compared to the corresponding period of the previous year the average gross wages and salaries grew in all sectors, except financial and insurance activities sector, which witnessed a slight drop of 0.4%. The most rapid growth was recorded in sectors with labour remuneration below the average level in the country: in accommodation and food services sector – of 10.1%, in administrative and support service activities – of 9.2%, in trade and real estate activities – of 8.4%, in art, entertainment and recreation sector – of 8.1%.

Over the year wages fund both in real estate activities and administrative and support service activities witnessed growth, while the number of employees recalculated in normal (full-time) units decreased. In turn, in the remaining above-mentioned sectors wages fund grew more rapidly than the number of employees.

Over the year drop in the number of employees was also recorded in agriculture, manufacturing, energy and construction sectors.

Ref: 102.109.109.6784


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