Romanias net wages up real 4.7% y/y in November.

By bne IntelliNews January 12, 2012
Romania's average net wage increased by an annual 4.7% in real terms and by 8.3% on the year in nominal terms to RON 1,491 (EUR 342.5) in November, the statistics office said in a statement. The annual rise, however, reflects the base effects following a 25% cut in public wages implemented in July, 2010. Nonetheless, the average net wage expressed both in real terms and in euro slightly decreased since February, 2011. On a broader perspective, net wages in Romania have lost some ground in real terms over the past three years. The end of the recession last year failed to result in higher real wages. Nevertheless, the local currency's real strengthening already brought the country's net wages, expressed in euro, close to the highest pre-crisis levels. With an average net monthly wage of EUR 346 in the past 12 months ending in November, Romanian employees still rank among the workers with the lowest incomes in the EU.
2008 2009 2010 Q2-11 Q3-11 Oct-11 Nov-11
A. Net Wages (RON) 1,282 1,381 1,407 1,476 1,463 1,457 1,491
y/y % 22.9% 7.7% 1.8% 3.3% 8.8% 8.7% 8.3%
CPI deflated, y/y 14.0% 2.1% -3.9% -4.6% 4.5% 5.0% 4.7%
B. Net Wages (EUR) 347.8 325.9 334.4 357.0 343.8 337.0 342.5
y/y % 11.3% -6.3% 2.6% 4.5% 8.6% 7.6% 6.8%
Source: INS by CEIC Data, * CPI deflated

Romanias net wages up real 4.7% y/y in November.

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