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Lack of labor force to push up salaries in Slovakia: analyst
Source: Xinhua     Date: 2017-06-14

  The lack of an appropriate labor force currently will push up salaries in Slovakia. UniCredit Bank Czech Republic and Slovakia analyst Lubomir Korsnak said on Monday.
The average gross nominal monthly salary in the first quarter of 2017 stood at 897 euro (1,002 U.S.dollar).
  "The dynamics of its annual growth remained relatively stable, even though it slightly decelerated from 3.6 percent to 3.5 percent," said Korsnak.
When it came to real salaries, the growth decelerated more significantly -- from 3.7 percent year-on-year to 2.6 percent.
  "This was due to the reappearance of inflation. However, the continuing growth of real salaries is creating suitable conditions for the further growth of consumption by households," explained Korsnak.
  Nominal salaries in Q1 this year grew in most sectors in Slovakia.
  "The fastest salary growth in Q1 was seen in specialist, scientific and technical activities. Strong salary increases were also recorded in arts, tourism and entertainment, education and agriculture," added Korsnak.
  In terms of individual regions, the fastest salary growth was in Trnava region in the Western Slovakia, which is also known to be suffering from the most acute lack of a skilled labor force, with some companies like PSA Peugeot Citroen or Samsung tackling the situation by importing foreign workers.