German real wages rise 2.3% y-o-y in the second quarter
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[BERLIN] German real wages rose by 2.3 per cent on the year in the second quarter, data showed on Thursday, in another positive sign for private consumption which has become the main driver of growth in Europe's biggest economy.
The Federal Statistics Office said nominal wages increased by 2.4 per cent on the year between April and June while consumer prices rose by 0.1 per cent in the second quarter.
The increase was mainly driven by strong wage hikes for workers in the real estate business, transport and logistics sector as well as catering industry.
In 2015, German real wages rose by 2.5 per cent on the year, which was the strongest rate since 1992.
Chancellor Angela Merkel's government introduced a national minimum wage of 8.50 euros (S$12.99) per hour at the beginning of 2015, raising the purchasing power of low-income households.
In addition, favourable economic conditions and a continued upswing have enabled companies and unions to agree on robust pay hikes, also in 2016.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
