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German wages increase at record fast pace in Q2

Xinhua, September 22, 2015 Adjust font size:

Adjusted for inflation, German workers earned 2.7 percent more than a year ago in the second quarter of 2015, official data showed on Tuesday.

This was the fastest growth pace since the record started in 2008, said German federal statistical office Destatis. In unadjusted terms, German wages rose by 3.2 percent year on year.

Wages received by unskilled workers and those from less-developed eastern German states rose significantly. According to Destatis, the statutory minimum wage, 8.50 euros (about 9.51 U.S. dollars) per hour, which was introduced at the year start had an impact on the increase.

In the second quarter, average monthly gross wage excluding bonuses in Germany stood at 3616 euros.

Real wages in Germany have been increasing for six quarters in a row, offering consumers more money available for spending and supporting private consumption which was the main pillar for economic growth in the last two years.

Economists expected private consumption to increase by 1.5 percent in 2015 and continue to play a key role in economic growth. Endit