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Bank of Latvia

The average monthly gross wage in the public sector (excluding social and religious organizations) amounted to LVL 165.16 in the first quarter, up 5.3% compared with the corresponding period of the previous year. Since the rise in the gross wage exceeded the annual rate of inflation, the real gross wage grew by 4.1% compared with the corresponding period of the previous year. The nominal net wage was LVL 119.14, up 4.9% compared with the first quarter of 2000. The real net wage grew by 3.7%, indicating to growth in real purchasing power.

In the first quarter, the average monthly gross wage in the national economy was LVL 150.20, and the average net wage, LVL 108.90. The average wage was higher in the public sector; however, in contrast to previous years, the average wage of employees in the economy rose at a more rapid pace than that of employees in the public sector. In the national economy, the nominal gross and net wages rose compared with the corresponding period of the previous year (by 6.0% and 5.6%, respectively), as did the real gross and net wages (by 4.8% and 4.4%, respectively).

In the first quarter, the highest average monthly gross wage in the national economy was recorded for financial intermediation (LVL 397.26), electricity, gas and water supply (LVL 211.07), transport, storage and communications (LVL 199.46, including LVL 263.27 in water transport and LVL 423.05 in air transport), and public administration and defence, compulsory social security (LVL 188.72). The lowest average monthly gross wage was in hotels and restaurants (LVL 93.81), trade (LVL 112.74), and agriculture, hunting and forestry (LVL 113.27). In manufacturing, the sector with the highest employment, the average monthly gross wage (LVL 141.45) was below the overall level in the national economy.

Year-on-year growth in the real gross wage was observed in all sectors. The real gross wage rose in education (by 12.0%), public catering (by 10.5%), and financial intermediation (by 9.8%).

In real terms, the monthly average old-age pension declined compared with the first quarter of 2000 (by 2.2%).

In the first quarter, the unemployment rate rose slightly (to 8.1% in March; 0.3 percentage points above the level in December 2000). The number of unemployed persons registered at the State Employment Service decreased by 10.9% compared with the level at the end of the first quarter of 2000. The ratio characterizing the number of unemployed per vacancy did not change.