Labor productivity in industry hikes 9.9% y/y in Romania in 2007 helped by extractive industry

Marţi, 12 Februarie 2008, 00:00

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Labor productivity in Romania’s industry increased 9.9 percent year-on-year last year, underpinned by growth in the extractive industry, the country’s statistics body INS showed.

However, the pace of growth slowed down versus 2006 when productivity rose 10.6 percent against 2005.

The extractive industry in the country saw labor productivity rise 16.2 percent last year, against the previous year, while the electricity, thermal power, gas and hydropower industries saw a slight 2.6 percent growth.

However, the growth pace of the labor productivity in industry was significantly lower than the 15.2 percent rise of the average salary in 2007, versus the previous year.

Romania’s central bank has warned several times over the high growth rate of salaries, exceeding labor productivity, a gap which paves the way to deficits in economy and adds extra pressure to inflation.

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