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Ceturtdiena 19.07.2018 | Name days: Jautrīte, Kamila, Digna
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Salaries in Latvia up by 7.4%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to Q3 2013 the average gross wages and salaries in Q3 2014 increased by 7.4% (from EUR 722 to EUR 775).

Annual growth rate of average wages and salaries in Q3 2014 witnessed the same increase as in the 1st quarter of 2014, according to the latest data compiled by the Central Statistical Bureau of Latvia.

In the private sector wages and salaries rose faster – by 8.5% annually, but in the public sector – by 5.6%. In Q3 2014 the average gross wages and salaries in the private sector amounted to EUR 753, and in the public sector – EUR 819. In the general government sector wages and salaries grew by 6.8% from EUR 715 to EUR 763.

The average number of salaried employees in the country recalculated at full-time units, which is applied for the calculation of the average wages and salaries, in Q3 this year compared to Q3 2013 did not change, while gross wage and salary fund grew by 7.4%.

In Q3 2014 the average monthly net wages and salaries accounted for EUR 566, and over the year they rose more rapidly than wages and salaries before taxes – by 8.7%. 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 (non-taxable minimum and deduction for dependants) from 1 January 2014.

In Q3 2014 the real increase of annual net wages and salaries, taking into account the rise of consumer prices of 0.8%, was 7.8%.

Compared to the 2nd quarter of this year, gross wages and salaries grew by 1.7% (in the private sector by 2.4%, and in the public sector by 0.6%).

Compared to the corresponding period of the previous year in Q3 2014 the average gross wages and salaries grew most rapidly in professional, scientific and technical activities – by 10.9%, in construction sector – by 10.7%, in administrative and support service activities sector – by 10.6%, in real estate activities – by 10.4%, and in agriculture, forestry and fishing – by 10.0%.

Over the year wage and salary fund in professional, scientific and technical activities, in construction, and real estate activities showed an increase, while the number of employees recalculated at full-time units decreased. In turn, in agriculture, forestry and fishing, as well as in administrative and support service activities sector the fund grew more rapidly than the number of employees.

Still the highest level of average wages and salaries was 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, and trade.

The compiled statistical information about the Baltic States shows that in Q3 2014 the largest monthly gross wages and salaries were registered in Estonia – EUR 977, but the lowest in Lithuania – EUR 697. Over the year the most rapid growth in the average gross wages and salaries was observed in Latvia (7.4%), followed by Estonia (5.0%), and Lithuania (4.3%).

Among the Baltic States the labour taxes are still the highest in Latvia. Net wages and salaries in Latvia account for 73% of the average gross wages and salaries, while in Lithuania for 78%, and in Estonia – 80%.

Ref: 102.109.109.5442


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