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German wages increase in Q1 2016

Xinhua, May 30, 2016 Adjust font size:

Negotiated wages in Germany increased in the first quarter of 2016, official data showed on Monday, adding signs that private consumption remained a strong driver for economic growth.

Compared with the same period of last year, German employees' agreed earnings, including basic wages and special payments, such as one-off payments and annual bonuses, increased by 2.1 percent in the first quarter of 2016, said German federal statistics office Destatis.

Real income of Germans also rose as consumer prices went up merely by 0.3 percent during the same period.

Earlier this month, workers in German metal industry and employers agreed a wage rising of 4.8 percent over the next 20 months. It will benefit some 3.8 million employees.

Another deal between German construction workers and employers guaranteed a wage increasing of 4.6 percent for some 785,000 workers in the sector.

These factors, along with falling energy prices and low interest rates, are expected to boost private consumption, the main driver of Europe's biggest economy in recent two years. Enditem