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Prediction: wage rise will become more rapid in Latvia

Increase of economic activities contributes to the rise of wages. In 2017, gross wages continue growing. Its growth rate is nonetheless more rapid that it was in the previous two years. In Q2 2017, average wage was 8.7% higher than a year ago – EUR 927. Additional pressure on wage growth is created by the situation on the labour market, mainly the lack of qualified workers in certain labour segments, Economy Ministry explains.

It should also be said that wages grew the most in the private sector – by 9.1% and public sector – by 8.2% in Q2. Average gross wage in the public sector in Q2 2017 was 4.3% larger than the one in the private sector (EUR 954 and EUR 951, respectively).
 

Ministry representatives say that wages in 2017 continue growing in all sectors of the national economy. Over the course of the year, the most rapid wage growth was noted in professional, scientific and technical services sector, education, electricity supply, gas supply, heating and air conditioning, agriculture, trading, accommodation and catering services, art, entertainment and leisure, as well as mining and quarrying industries.
 

Wages grew 8.2% in Latvia’s main export industry – processing industry – in Q2. A more rapid wage rise was noted in production of vehicles (17%), machineries and equipment repairs and installation (12.2%), production of pharmaceutical products (11.2%), printing (10.3%) and production of non-metallic products (10.1%). A more moderate wage growth was noted in rubber and plastic goods, logging and paper production.
 

In Q2 2017, when compared with the same period of the previous year, average gross wage grew 7.8%. Real net wages grew 4.6%, which as largely due to more rapid price rise in Q2 2017.
 

Economy Ministry predicts that wage growth rates in Latvia will remain high in the future. For this more rapid wage growth not to impact the competitiveness of Latvian businesses, it is necessary to increase productivity.

BNN

29-08-2017
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