Romania’s wages growth rate eased to 13.3 pct y/y in July, the slowest pace in 5 months

Romania’s average net monthly earnings growth rate eased to 13.3 percent year-on-year in July, the slowest pace since February, National Institute of Statistics (INS) data showed on Friday.

The average net monthly earnings declined by 0.5 percent month-to-month, from RON 2,721 (EUR 584) in June – a record high – to RON 2,708 (EUR 582) in July.

Real wages increased by only 8.4 percent between July 2017 and July 2018, due to high inflation rate (4.6 percent in July, year-on-year).

The gross average monthly earnings decreased to RON 4,510 (EUR 970) in July, down from RON 4,527 (EUR 971) in June.

Since the beginning of this year, the social security contribution and the social health insurance contribution paid by the employer were transferred to the employee in Romania, and the effect was a sudden surge of the gross wages in January, from RON 3,662 (EUR 790) in December.

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The highest net monthly earnings were recorded in July in the IT sector (RON 6,566, EUR 1,412), and the lowest in accommodation and food service activities (RON 1,575, EUR 339).

Romania has the second lowest average wage among the European Union member states, after Bulgaria.