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Romania’s Labor Productivity Growth Faster Than Wages In 03-07

Romania’s labor productivity grew at a slightly faster rate than the country’s average gross wages in 2003-2007, Vergil Voineagu, head of the Romanian Statistics Institute, said Wednesday.
Romania’s Labor Productivity Growth Faster Than Wages In 03-07
12 mart. 2008, 13:15, English
The labor productivity growth rate for 2003-2007 stood at around 175%, while gross wages grew 164.2% in the same period, Voineagu said.
 
Overall labor productivity grew 30.5% in 2003, 26.9% in 2004, 18.7% in 2005, 18.9% in 2006 and eased to 17.8% in 2007.  Romania’s average gross wages rose 24.8% in 2003, 23.3% in 2004, 18.3% in 2005, 18.4% in 2006 and 22.6% in 2007.
 
Voineagu said the institute compiled for the first time data on labor productivity and wages under European Union calculation methods.
 
Romanian central bank governor Mugur Isarescu has recently warned against excessive public-sector wage gains and repeatedly urged the government to adjust wages and labor productivity to avoid inflationary pressures.
 
Isarescu and Prime Minister Calin Popescu Tariceanu met end-January and said they had reached an agreement to limit deficit spending in this year’s budget and keep wage hikes below 11%.