Off the wire
• Kenya's bourse closes week on high as turnover, key index rise  • Slovenia implements same-sex partnership act  • Svitolina to face Wozniacki in Dubai Open final  • British FTSE 100 decreases 0.38 pct on Friday  • Hungarian PM fully backs Montenegro's EU membership  • Spanish stock market falls 0.42 pct, closes at 9,453 points  • Foreign exchange rate of Euro to other currencies  • Paris CAC 40 index dropped 0.94 percent Friday  • EMA recommends conditional marketing authorisation for Natpar in EU  • Ghana FA pay glowing tributes to two legendary ex-national coaches  
You are here: 　 Home

Wage growth in Lithuania accelerates to 8.7 percent in Q4 last year

Xinhua, February 25, 2017 Adjust font size:

In the fourth quarter of 2016, average gross wage in Lithuania increased by 8.7 percent compared to the same quarter a year ago, announced Statistics Lithuania on Friday.

Average real net wage increased by 7.9 percent in the fourth quarter, compared to the same period a year ago.

At the end of last year average monthly gross wage in the country reached 822.8 euros (872.9 U.S. dollars), while average net wage was 636.9 euros.

The fourth quarter marks an acceleration of wage growth in the Baltic country, in the third quarter of 2016 gross wages increased by 7.9 percent, compared to the period a year ago.

Wage growth in the end of last year was driven by minimum wage hike, increased pay for teachers and social workers and higher bonuses, noted Statistics Lithuania.

Economists pointed to structural economic problems such as the lack of skilled labor force amid rising emigration which causes increase in pay.

"Wage growth last year became more broad-based due to lack of skilled labor force in more sectors than before," economists from Swedbank in Lithuania wrote in a note.

Economists from the Bank of Lithuania warned that rapidly growing wages and rising costs could undermine competitiveness of Lithuanian exporters.

Lithuanian GDP grew by 2.3 percent in 2016, accelerating from 1.7 percent growth in 2015. (1 euro = 1.06 U.S. dollars) Endit