Slovakia real wage growth slows down to 4% y/y in July.

By bne IntelliNews September 10, 2010
The average wage in the industry rose by 4% y/y in real terms in July, a slowing down from the 5.9% y/y growth in June, the statistics office (SUSR) reported. Real wages decreased in the sale and repair sector fell by 1% y/y, in ICT - by 0.5% y/y and in transportation - by 0.4% y/y. The wage dynamics was positive in the other sectors, with utilities being the fastest growing segment - up by 11.8% y/y. Industrial production wage growth slowed down to 3.4% y/y in July, from 5.5% y/y in June. On a cumulative basis, real wages in industry were by 5.1% y/y higher in Jan-July. The clear positive trend in employment persisted in July. The recovery was most pronounced in the or which inched positive by 0.2% y/y. Employment in manufacturing posted a drop of 1.4% y/y from 2% y/y in June. Intellinews comment: The wage and employment dynamics in the last several months suggest that the labour market is recovering from the crisis and it is possible to see consumption and economic sentiments improving in the future. On the other hand, the unsustainable budget position and the undertaken tax-related measures to improve it may postpone households' consumption decisions.

Slovakia real wage growth slows down to 4% y/y in July.

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