Real average wage in Moldova up 8.3% y/y in Q3

Real average wage in Moldova up 8.3% y/y in Q3
By bne IntelliNews November 30, 2021

The average net wage in Moldova increased by 13.6% y/y to MDL9,176 (€455) in the third quarter of 2021 and the real annual advance slowed down to 8.3% y/y from double digits in the previous three quarters, the statistics bureau BNS reported.

Wages ranged from more than twice the average wage (MDL21,704 in IT&C) to just over 60% of the average wage (MDL5,706 in hospitality). Above-average wages can be earned in services (except for education, HoReCa, culture, arts and entertainment) and utilities, while the average wages are relatively lower in all other sectors including manufacturing, construction, transport.

From a broader perspective, the average net wage in Moldova has increased at an average rate of 6.5% per annum over the past six years — a rather robust advance that pushed up, besides remittances, retail sales and private consumption. The double-digit growth rates seen in the previous quarters visibly contributed to inflation, while energy prices are expected to remain the main driver in the coming quarters.

The average number of employees has recovered in the third quarter this year from the steep decline seen during the crisis last year and posted a significant +2.9% y/y advance.

From a broader perspective, however, the number of employees in Moldova has remained rather constant: it advanced by only 2% — meaning by 0.3% per annum — over the past six years.