A Sharp Slowdown in Wage Growth in Bulgaria
In the first quarter of 2018, the rate of wage growth in the euro area and across the European Union improved compared to the previous three months, while at the same time it slowed down in our country, the BNR reported, referring to Eurostat data.
Labor payroll in the eurozone rose by 1.8% on an annual basis after rising by 1.6% in the last three months of 2017, but still remains far from the growth by 2.1% in the second quarter the previous year (the most robust rise in wages in the first three months of 2015). Within the EU, wage growth at the beginning of 2018 accelerated to 2.7% from 2.4% in the previous three months.
Unlike the EU and in particular the euro area, Eurostat's comparable data for Bulgaria show a rather sluggish deceleration in the growth rate of wages in the first quarter to 6.3% yoy from 13.0% in the last three months of the previous year . By this indicator, our country is already lagging behind the EU member states with the strongest wage growth, taking only eighth position, after the end of the previous year, Bulgaria was overtaken by this indicator only by Romania and Hungary.
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