Average wage growth in Bulgaria slows to nominal 8.6% y/y in Q3 2011.

By bne IntelliNews November 9, 2011
The average wage reached BGN 693 (EUR 354.3) in Q3, up by 8.6% y/y, statistical institute data showed. The annual growth decelerated from 9.2% y/y in Q2 but is still higher than 8.4% y/y in Q1. In Q3, the growth of the public and private sector wages slowed to 3% y/y from 3.8% y/y and to 10.7% y/y from 11.9% y/y in Q2, respectively. In quarterly terms, public and private sector wages went down by 0.8% and 1%, respectively. The gap between public and private sector wages expanded from 12.1% in Q2 to 12.4% in Q3, but is still lower than 23.5% in Q4 last year. Part of the difference is explained by tax evasion in small firms. Total wages were lower by 0.9% on quarterly basis as compared to quarterly increase of 4.2% in Q2. Wages went up in only seven of the 19 branches agriculture; extraction; construction; hotels and restaurants; information and communication; professional, scientific and technical activities; and public administration. All other branches faced declines, which were most significant in real estate activities (down by 11.1% q/q) and financial and insurance activities (down by 6.2% q/q). The total employment in the sample of enterprises monitored by the wage statistics decreased by 0.4% y/y to 2.19mn as of the end of September. The rate slowed from 1.3% y/y at the end of June and 1.9% y/y as of end-March.
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