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Disposable income of Latvian households grows 10.6 pct in 2013

Xinhua, January 21, 2015 Adjust font size:

Latvian households saw their monthly disposable income grow by 10.6 percent to 354 euros (about 411 U.S. dollars) in 2013, the country's national statistics office reported on Tuesday, adding that the figure had returned to the pre-crisis level recorded in 2008.

Statistics showed that household disposable income from labor rose by 12.5 percent, from 216 euros per household member a month in 2012 to 243 euros in 2013.

Meanwhile, pensions, benefits and other types of government-funded income grew at a slower pace, by 5.7 percent per household member, from 88 euros in 2012 to 93 euros in 2013, the statistics office said.

With activity in the labor market on the rise, the share of household income from labor increased from 63.7 percent in 2010 to 68.8 percent in 2013.

In 2013, all household groups saw their income grow at a comparatively steady rate from a year before. The most rapid income growth, 11.6 percent, was recorded among the lowest-income households, and the wealthiest households' income rose by 11.2 percent.

"Although in 2013 household disposable income reached the level of 2008, it should be noted that in 2013 income between households in Latvia was distributed more evenly than in 2008," the statistics office said, noting though that income inequality slightly increased again in 2013.

In comparison with other European Union member states, income inequality still remains high in Latvia. In 2013, Latvia had the highest Gini coefficient, a measure of income distribution, at 35.5 percent in the bloc. The indicator was slightly lower in Bulgaria (35.4 percent), Lithuania (34.6 percent), and Greece (34.4 percent). Endit