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Ceturtdiena 21.03.2019 | Name days: Una, Unigunde, Dzelme, Benedikts
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Growth rate of wages in Latvia currently in decline

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAverage wages and salaries in Q2 2014 have risen slower than in the first quarter of this year as compared to the corresponding periods of the previous year.

In Q2 2014 average monthly gross wages and salaries in Latvia, compared to Q2 2013, increased by 6.4% from 716 euros to 762 euros. In its turn in Q1 this year annual increase of the remuneration was 7.5% (from 689 to 740 euros), according to latest data of the Central Statistical Bureau of Latvia.

In private sector wages and salaries rose slightly faster – by 7.2% annually, but in public sector – by 5.3%. In Q2 2014 average gross wages and salaries in private sector comprised 736 euros, but in public – 810 euros. In general government sector wages and salaries grew by 5.7% from 698 euros to 738 euros.

The average number of salaried employees in the country recalculated at full-time units, which is applied for calculation of average wages and salaries, in Q2 this year compared to Q2 2013 rose only by 0.9% or 6.6 thousand, while gross wages fund grew by 7.4%.

In Q2 2014 average monthly net wages and salaries comprised 557 euros, and over a year they rose more rapidly than wages and salaries before taxes – by 8.4%. It can be explained with the decrease of employee social security contribution rate from 11.0% to 10.5%, as well as with the increase of non-taxable amount of personal income tax from January 1 of this year.

In Q2 2014 the real increase of annual net wages and salaries, considering rise of consumer prices of 0.7%, constituted 7.6%.

Compared to Q1 this year, gross wages and salaries grew by 2.9%, in private sector – by 1.6%, but in public – by 5.2%.

Still the highest level of average wages and salaries was in financial and insurance activities sector, information and communication services, energy sector and public administration. But the lowest average wages and salaries were observed in accommodation, food and other service activities sectors, education, art, entertainment and recreation sectors and trade.

In Q2 2014, compared to the same period of the previous year, average gross wages and salaries rose more rapidly in real estate activities sector – by 11.0%, in financial and insurance activities sector – by 9.8%, in accommodation and food service activities sector – by 9.7%, in administrative and support service activities sector – by 9.5%, as well as in mining and quarrying – by 9.0%.

In real estate activities sector wage and salary fund grew more rapidly – by 11.2%, while the number of employees recalculated at full-time units increased slightly – by less than one percent. In its turn, already since the economic crisis, financial and insurance sector is experiencing gradual reduction of the number of employees, while changes of wage and salary fund maintained positive trend.

Ref: 102.109.109.5782


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