Romania Witnesses Steepest Real Wage Correction in Decades
The real net wage in Romania plunged by 5% year-over-year in August, following a nominal contraction for the second consecutive month (-2.4% month-over-month) and an accelerated headline inflation rate of 9.9% year-over-year.
According to data published by the statistics office INS, the real net wage correction is the steepest since July 2010. In absolute terms, the net wage reached RON 5,387 (EUR 1,063).
This significant correction comes as the wages in the budgetary sector are to be kept steady over two years, and the VAT rate has risen from 19% to 21%.
No comment from officials available.
Author's summary:
Romania sees a sharp 5% drop in real wages.
- Real net wage dropped by 5% year-over-year in August.
- Headline inflation rate accelerated to 9.9% year-over-year.
- VAT rate rose from 19% to 21%.
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