Tuesday, January 12, 2010

Romanian net wage up 0.4 pct y/y in November

BUCHAREST, Jan 11 (Reuters) - Romania's average net wage rose by 0.4 percent on the year in nominal terms to 1,366 lei ($469.7) in November, the National Statistics Board said on Monday.

Wages were down 0.7 percent on the month.

Romania plunged into recession at the start of 2009 as a fall in demand in western Europe cut jobs and incomes, reversing a period of buoyant growth from 2004 to 2008, fuelled by double-digit wage hikes.

Analysts have said wage gains far outweighed productivity jumps, particularly in the sprawling state sector, putting a strain on public finances and fostering inflation.

Romania's new government has approved an austere 2010 budget, which is expected to clear parliament this week, and pledged to enact painful reforms, key to unlocking 3.3 billion euros worth of combined IMF and EU funds as early as next month.

NOV '09 OCT '09
Net average wage 1,366 1,375 (lei)
Change y/y +0.4 +3.6 (pct)

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