{"id":3891,"date":"2018-03-18T19:02:17","date_gmt":"2018-03-18T18:02:17","guid":{"rendered":"https:\/\/praguebusinessjournal.com\/?p=3891"},"modified":"2020-02-04T19:39:36","modified_gmt":"2020-02-04T18:39:36","slug":"cnb-forecasts-slowdown-in-wage-growth","status":"publish","type":"post","link":"https:\/\/praguebusinessjournal.com\/cnb-forecasts-slowdown-in-wage-growth\/","title":{"rendered":"CNB Forecasts Slowdown In Wage Growth"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Prague, March 18 (CTK) &#8211; Next year may see a slowdown in wage growth in the Czech Republic, and an ideal option would be if wages grew at a similar rate as the country&#8217;s real gross domestic product (GDP), that is at some 4 percent, Czech National Bank (CNB) governor Jiri Rusnok said today.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">The Czech average gross wage crossed the level of Kc30,000 for the first time in Q4 last year, rising by an annual rate of 8 percent to Kc31,646 and adding 5.3 percent in real terms. GDP growth accelerated to 5.2 percent over the period.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">&#8220;If real GDP increases by 3 or possibly some 4 percent, real wages might grow at a similar rate, which would be a reasonable hike, in my opinion,&#8221; Rusnok said in the discussion programme Questions of Vaclav Moravec on the public Czech Television.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">He does not want the wage rise to be inconsistent with the economic performance to a large extent.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">The two factors&#8217; imbalance can only last a short time. &#8220;In the long run, the economy would be unable to accept it and it would be apparent on the market,&#8221; said Rusnok.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">The average wage posted an annual increase of 7 percent to Kc29,504 last year, adding 4.4 percent in real terms. However, two thirds of employees earn less than the average wage.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">The wage growth is the fastest since 2008, which analysts attribute to a tight labour market.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">Rusnok said recently the Czech economy was above its potential and was overheating to some extent. That results in imbalances in some markets, and it is mainly apparent in the labour market, he said.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">Rusnok said today the Czech Republic should cope &#8220;relatively smoothly&#8221; with the overheating. There is an outlook for GDP growth to be decelerating and the economy cooling down, he said.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">Commenting on lifting interest rates, Rusnok said the bank would analyse again and again all the indicators. &#8220;If there was some dramatic need (to raise rates), we would do that. If the things develop in line with our forecast, then we envisage (another rate hike) for the second half of the year or possibly for the end of the year,&#8221; he said. The CNB also sees room for rate hikes in 2019, Rusnok added.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prague, March 18 (CTK) &#8211; Next year may see a slowdown in wage growth in the Czech Republic, and an ideal option would be if wages grew at a similar rate as the country&#8217;s real gross domestic product (GDP), that is at some 4 percent, Czech National Bank (CNB) governor Jiri Rusnok said today. &nbsp; &#8230; <a title=\"CNB Forecasts Slowdown In Wage Growth\" class=\"read-more\" href=\"https:\/\/praguebusinessjournal.com\/cnb-forecasts-slowdown-in-wage-growth\/\" aria-label=\"Read more about CNB Forecasts Slowdown In Wage Growth\">Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":1846,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[18],"tags":[241,4,37],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CNB Forecasts Slowdown In Wage Growth - Prague Business Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/praguebusinessjournal.com\/cnb-forecasts-slowdown-in-wage-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CNB Forecasts Slowdown In Wage Growth - Prague Business Journal\" \/>\n<meta property=\"og:description\" content=\"Prague, March 18 (CTK) &#8211; Next year may see a slowdown in wage growth in the Czech Republic, and an ideal option would be if wages grew at a similar rate as the country&#8217;s real gross domestic product (GDP), that is at some 4 percent, Czech National Bank (CNB) governor Jiri Rusnok said today. &nbsp; ... 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