INSTAT: Wage-fund index increased by 6.5% in 2016, average pay at ALL 37.000

The fund of private sector wages grew again in the last quarter of 2016, indicating a continuity in the positive performance of the labor market.

According to the Institute of Statistics, wage-fund index rose on average by 6.5% compared with the same period of 2015.

Businesses increased their wage-fund in most economic sectors, with the exception of some branches of services, such as transport, telecommunications or hotels.

However, the service branch recorded the highest increase of the salary fund, with 8.2% more compared with the same period of 2015.

This is in line with the overall performance of the sector, which in 2016 has been the main pillar of Albania’s economic growth.

In the section of services, the best performance was reported by professional architecture and engineering services, with 16.7%, while trade reported a remarkable 16.1% growth.

The construction sector also confirmed the generally positive performance in terms of wages. Wage-fund index for this sector grew by 6.6% in the fourth quarter of 2016.

A positive performance was also reported by industry, where wage-fund index rose by 3.2%.

Following a range of quarters in decline, the wage-fund index rose by 12.8% for the extractive and mining industry, which proved decisive for the growth of this index in all industrial sectors.

According to the latest data that INSTAT delivered, the average salary in Albania is estimated at ALL 37.000 per month.

The highest level of wages is reported at the extractive and mining industry, with nearly ALL 92.000 per month, followed by information and communication sector, with ALL 56.000 per month.

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