Salary increase in the private sector/ BSH: Labor shortage drives salary increase by 12.7%

Bank of Albania

Salaries in the private sector have increased by 12.7% in the first months of this year. The Bank of Albania reports that the acceleration of the salary level in the private sector is driven by the lack of labor force. Wage growth continues to be sector-wide, reaching 12.7%, from 11.6% in the last quarter of 2023.

Acceleration is also observed in the real wage, where growth in the first quarter rose to 10.0%, from 7.7% a quarter earlier. While businesses continue to report the lack of manpower as a limiting factor for the expansion of their activity.

So far, wage growth has found a partial reflection in consumer prices, suggesting that rising costs have been partly absorbed by increased productivity and partly by declining profit margins per unit of businesses.

The dynamics between these two factors in the future will be decisive for the progress of internal inflationary pressures./CNA

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