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Lithuanian wages grew by 5.9 pct in Q4 2015

Xinhua, February 25, 2016 Adjust font size:

In the fourth quarter of 2015, average gross monthly pay in Lithuanian economy grew by the fastest pace in more than two years, shows data released by Statistics Lithuania on Wednesday.

According to the statistics authority, in the fourth quarter of 2015, the average gross monthly wage grew by 5.9 percent, compared to the same period in 2014, and amounted to 757 euros. Real growth adjusted for inflation was 6 percent. Real growth compared to the previous quarter was 2.1 percent.

Growth rate in private sector was faster than in public institutions. According to Statistics Lithuania, real wage rate increased by 4.8 percent in public sector, while workers in private companies saw their wages increasing by 6.7 percent on average.

According to economists, wage growth was influenced by growing employment and lack of skilled workforce.

"This year, wage growth will surpass growth in productivity again with businesses increasingly struggling to find skilled employees," Vaiva Seckute, the senior economist from Swedbank in Lithuania, said in a commentary.

Emigration and aging populations were also to blame for the diminishing pool of labor force, according to Seckute.

Last year, the unemployment level in Lithuania decreased to 9.1 percent. Endit