Monday, April 6, 2009

Romanian net wages up 19.8 pct y/y in February

BUCHAREST, April 6 (Reuters) - Romania's average net wages rose 19.8 percent on the year in nominal terms in February to 1,358 lei ($438), and were up a modest 0.2 percent on the month, data from the National Statistics Board (INS) showed on Monday.Economists expect wage growth to slow sharply this year as global financial turmoil plagues manufacturing and limits consumption.They say not even a 20 billion euro aid package led by the International Monetary Fund which Romania secured in March will help the European Union state to avoid recession.Thousands of workers have been already laid off and several top factories have announced work stoppages in recent months due mainly to plunging demand in the euro zone.Fast wage growth has been a major worry for the central bank, which is struggling to contain inflation. Prices have been fanned by import-fed domestic consumption which has also bloated the current account deficit. 
FEB '09 JAN '09 FEB' 08 JAN' 08
Net average wage 1,358 1,355 1,134 1,200 (lei)
Change y/y +19.8 +12.9 +20.5 +30.7 (pct)

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