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Wages rise together with household spending

18/06/2008 - 19:00
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Economic growth slowed to 8.7 percent during the first quarter of 2008 compared with the previous year. Analysts consider it a rapid rate, even in comparison with the 14.3 percent from the final quarter of 2007. Statisticians and analysts were particularly surprised by the significant increase in household consumption, which accelerated by 2.5 percentage points compared with the final quarter of 2007, ending at 8.4 percent. Household expenditures increased  largely due to higher employment and real wages. Domestic demand exceeded foreign demand and it is predicted that it will be propelling economic growth throughout the entire year. This might push up inflation.  The Statistics Office predicts the annual increase in prices at 4.4 percent.

Slovaks have seen their wallets growing along with the economy. The average monthly wage increased by 10.4 percent year-on-year to Sk20,443 and the real wage went up by 6.2 percent. State administration employees and soldiers are enjoying the highest increase, earning 18 percent more than in the first quarter of 2007. The number of unemployed continued falling in the first quarter of 2008. Statistics Office data shows the unemployment rate fell 7.4 percent year-on-year.  This pushed the average unemployment rate down in the first quarter of 2008 by 1 percentage point, to 10.5 percent.

(created by Karina Katuscakova)

news_source: 
The Slovak Spectator
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Submitted by karin.katuscakova on Wed, 18/06/2008 - 13:14.
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