- Annual inflation remained slightly negative at -0.1% in May due to falling fuel and food prices. This year's average annual inflation is projected to be the lowest since the 1990s.
- GDP grew 1.4% quarter-over-quarter in Q1 2013, driven mainly by private consumption which expanded on the back of employment growth and wage increases.
- Exports of Latvian goods continued rising at 17.5% year-over-year in April despite weak external demand, demonstrating the flexibility of Latvian exporters.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights:
In August, annual inflation returns to positive territory
Manufacturing growing fast in July
External complications do not impair Latvia's exports going uphill
Sadaļā In Focus:
Research: Latvia's 2008-2009 wage adjustment stronger than thought before, by Ludmila Fadejeva and Olegs Krasnopjorovs
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights:
In August, annual inflation returns to positive territory
Manufacturing growing fast in July
External complications do not impair Latvia's exports going uphill
Sadaļā In Focus:
Research: Latvia's 2008-2009 wage adjustment stronger than thought before, by Ludmila Fadejeva and Olegs Krasnopjorovs
Latvijas Banka Monthly Newsletter
Content:
"Highlights":
- Export growth resists adverse external environment
- Money indicators develop favourably
- Economic sentiment tends to improve
"In Focus":
"Allocation of resources in Latvia improved after the crisis" by Konstantīns Beņkovskis
Latvijas Banka Monthly Newsletter: July 2018Latvijas Banka
Highlights:
Energy pushes consumer prices upward
Household lending increased in May
Growth in goods exports continued in May
In Focus:
Competitiveness of Latvia's Exports of Goods in the Region
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights
> Consumer price level down year-on-year
> Industrial production increased year-on-year in August
> Latvian exports resist unfavourable external factors
In Focus
>Exports of wood: contribution to total exports and changes
Highlights:
* Fastest GDP growth in 6 years
* Inflation slightly down
* Dynamic year for retail trade
In Focus.
Four years in the euro area – have the promises come true? author: Egils Kaužēns
Latvijas Bankas "Monthly Newsletter", 10/2016Latvijas Banka
"Highlights":
* Substantial increase in high technology sectors
* Inflation is rising, but to a large extent owing to last year's developments
* External trade in August testifies to the power of Latvian cereal exports
"In Focus":
* #reformasLV or why Latvijas Banka cares about education and healthcare?, autors: Oļegs Krasnopjorovs
Highlights:
* GDP – Growth rate accelerated in an number of sectors
* Manufacturing has maintained dynamic growth
* Prices are on the rise, albeit at a slower pace
In Focus:
* Does the financing from the EU structural funds improve the competitiveness of Latvian businesses?, autors: Oļegs Tkačevs
Latvijas Banka Monthly Newsletter: June 2018Latvijas Banka
Latvijas Banka Monthly Newsletter provides accurate and concise information about the most topical and important developments in the Latvian national economy.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
"Highlights"
* Manufacturing growth accelerated in the second half of 2016
* Retail trade reported higher growth at the end of 2016
* Consumer prices pick up reflecting an increase in commodity prices
"In Focus":
* Reshaping of Latvia's energy sector continues, autors: Igors Kasjanovs
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
"Highlights":
Consumer prices are on the rise though annual inflation remains negative
Surplus in the current account for the second consecutive quarter
Lending is back
"In Focus":
Macroeconomic forecasts, by: Igors Kasjanovs
Highlights:
- Broad-based growth drives GDP acceleration
- Inflation has reached its upswing potential
- Increase in external demand accelerates external trade
In Focus:
- "The importance of high value added services exports is growing for Latvia's economy" by Linda Vecgaile
"Highlights":
* Inflation stabilizes, main risk stems from oil price fluctuations
* Manufacturing retains high growth momentum
* Exports of goods increase volume and diversity
"In Focus":
* Tax reform, autors: Kārlis Vilerts
Globālās problēmas un lokālās iespējas: Baltijas valstu sasniegumi un perspek...Latvijas Banka
Latvijas Bankas prezidenta Ilmāra Rimšēviča ievadreferāts konferencē "Globālās problēmas un lokālās iespējas: Baltijas valstu sasniegumi un perspektīvas."
Rīgā 2011. gada 12. oktobrī.
Macroeconomic Developments Report, December 2016Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
Latvijas Banka Monthly Newsletter
Content:
"Highlights":
- Export growth resists adverse external environment
- Money indicators develop favourably
- Economic sentiment tends to improve
"In Focus":
"Allocation of resources in Latvia improved after the crisis" by Konstantīns Beņkovskis
Latvijas Banka Monthly Newsletter: July 2018Latvijas Banka
Highlights:
Energy pushes consumer prices upward
Household lending increased in May
Growth in goods exports continued in May
In Focus:
Competitiveness of Latvia's Exports of Goods in the Region
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights
> Consumer price level down year-on-year
> Industrial production increased year-on-year in August
> Latvian exports resist unfavourable external factors
In Focus
>Exports of wood: contribution to total exports and changes
Highlights:
* Fastest GDP growth in 6 years
* Inflation slightly down
* Dynamic year for retail trade
In Focus.
Four years in the euro area – have the promises come true? author: Egils Kaužēns
Latvijas Bankas "Monthly Newsletter", 10/2016Latvijas Banka
"Highlights":
* Substantial increase in high technology sectors
* Inflation is rising, but to a large extent owing to last year's developments
* External trade in August testifies to the power of Latvian cereal exports
"In Focus":
* #reformasLV or why Latvijas Banka cares about education and healthcare?, autors: Oļegs Krasnopjorovs
Highlights:
* GDP – Growth rate accelerated in an number of sectors
* Manufacturing has maintained dynamic growth
* Prices are on the rise, albeit at a slower pace
In Focus:
* Does the financing from the EU structural funds improve the competitiveness of Latvian businesses?, autors: Oļegs Tkačevs
Latvijas Banka Monthly Newsletter: June 2018Latvijas Banka
Latvijas Banka Monthly Newsletter provides accurate and concise information about the most topical and important developments in the Latvian national economy.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
"Highlights"
* Manufacturing growth accelerated in the second half of 2016
* Retail trade reported higher growth at the end of 2016
* Consumer prices pick up reflecting an increase in commodity prices
"In Focus":
* Reshaping of Latvia's energy sector continues, autors: Igors Kasjanovs
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
"Highlights":
Consumer prices are on the rise though annual inflation remains negative
Surplus in the current account for the second consecutive quarter
Lending is back
"In Focus":
Macroeconomic forecasts, by: Igors Kasjanovs
Highlights:
- Broad-based growth drives GDP acceleration
- Inflation has reached its upswing potential
- Increase in external demand accelerates external trade
In Focus:
- "The importance of high value added services exports is growing for Latvia's economy" by Linda Vecgaile
"Highlights":
* Inflation stabilizes, main risk stems from oil price fluctuations
* Manufacturing retains high growth momentum
* Exports of goods increase volume and diversity
"In Focus":
* Tax reform, autors: Kārlis Vilerts
Globālās problēmas un lokālās iespējas: Baltijas valstu sasniegumi un perspek...Latvijas Banka
Latvijas Bankas prezidenta Ilmāra Rimšēviča ievadreferāts konferencē "Globālās problēmas un lokālās iespējas: Baltijas valstu sasniegumi un perspektīvas."
Rīgā 2011. gada 12. oktobrī.
Macroeconomic Developments Report, December 2016Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
"Highlights":
* Macroeconomic recovery expected in 2017
* Budget deficit target met; financing of priorities in 2017
* Stable growth in both loans and deposits
"In Focus":
* The tourism industry in Latvia as a Mirror of the Economy, autore: Linda Vecgaile
"Highlights":
* Manufacturing output continues to rise despite weak demand
* Latvian exports sluggish in complex circumstances
* Inflation starting to go up
"In Focus":
Macroeconomic balance maintained in 2016, supply side should be strengthened in 2017, autors: Oļegs Krasnopjorovs
Prezentācija: Eiropas un Latvijas situācija globālo ekonomisko un ģeopolitisk...Latvijas Banka
13. decembrī notika konference „Biznesa stratēģija 2017”, kas pulcēja uzņēmumu vadītājus un īpašniekus, lai kopīgi izvērtētu globālos un lokālos notikumus un tendences, kas būtiski ietekmēs uzņēmēju darbību, lēmumus un rezultātus nākamajā gadā.
Konferencē piedalījās arī Latvijas Bankas Starptautisko attiecību un komunikācijas pārvaldes padomnieks Andris Strazds ar prezentāciju "Eiropas un Latvijas situācija globālo ekonomisko un ģeopolitisko notikumu virpulī".
14. decembrī, notika pirmais Latvijas nodokļu maksātāju forums.
Ar prezentāciju "Latvijas nodokļu sistēmas izaicinājumi" piedalījās arī Latvijas Bankas
Monetārās politikas pārvaldes vadītājs Uldis Rutkaste
Lekcija: Kas tā par spēju – konkurētspēja?Latvijas Banka
Konkurētspējas jēdziens ir bieži lietots, tomēr arvien ar dažādu tajā ietverto saturu. Lai uzlabotu tautsaimniecības konkurētspēju, ir vērts nodefinēt, kādas ir vērtības, uz ko tiecamies; ko uzskatām par augstāku dzīves kvalitāti.
Daži interesanti dzīves kvalitātes, sabiedrības attīstības un konkurētspējas novērtēšanas aspekti šajā lekcijā:
• Iedzīvotāju apmierinātība ar dzīvi, tās iespējamie iemesli un novērtēšanas paņēmieni;
• Tautsaimniecībai pieejamie resursi un to prasmīga izmantošana;
• Tautsaimniecības konkurētspējas vērtējums, izmantojot eksporta attīstības rādītājus no cenu un izmaksu, tirgus daļu un tirdzniecības diversifikācijas viedokļa
Ekspertu sarunas prezentācija: Kredītņēmēji zemo likmju laikmetāLatvijas Banka
Swedbank Finanšu institūta vadītāja Latvijā Reiņa Jansona prezentācija 12.12 2016 ekspertu sarunā "Zemo procentu likmju laikmets – vai esam izmantojuši iespējas?"
"Makroekonomisko Norišu Pārskats", 2016. gada decembrisLatvijas Banka
Izdevumā, izmantojot Latvijas Bankas, Latvijas Republikas Centrālās statistikas pārvaldes, Latvijas Republikas Finanšu ministrijas un Finanšu un kapitāla tirgus komisijas datus, vērtētas ārējā sektora un eksporta, finanšu tirgus, iekšzemes pieprasījuma un piedāvājuma, izmaksu un cenu, kā arī maksājumu bilances norises un sniegtas tautsaimniecības attīstības un inflācijas prognozes.
"Highlights":
* Energy prices keep annual inflation below zero
* Manufacturing growth regains momentum
* Latvia's exports: a zigzag path maintained
"In Focus":
* Latvia's exports to euro area: developments after joining, autore: Daina Pelēce
"Highlights":
* Manufacturing growth supported by nearly all sectors
* Exports regain pace
* Inflation boosted by global food prices growth while oil prices decrease
"In Focus":
* Comparison of the Baltic States' exports, author Daina Pelēce
Latvijas Banka Monthly Newsletter: August 2018Latvijas Banka
Highlights:
Economic growth remains robust
Higher fuel prices continue to support inflation
Retail trade expands against the background of favourable economic conditions
In Focus:
Interaction between FDI and exports
"Highlights":
* Healthy growth, but caution warranted
* Inflation growth decelerating
* Recovery of imports increased current account deficit
"In Focus":
* Does the financing from the EU structural funds improve the competitiveness of Latvian businesses?, autors: Oļegs Krasnopjorovs
Šoreiz, sadaļā "Highlights":
* Inflation returns
* Moderate growth in retail
* Challenging environment for exporters
"In Focus":
* ICT is almost a perfectly performing sector, autors: Igors Kasjanovs
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights:
- Current account reflects the recovering investment activity
- Annual inflation continues hovering around 3%
- GDP growth exceeds expectations and leads to revised forecasts
In Focus:
- Latvia 2017: Back to growth and structural reforms, by Mārtiņš Grāvītis
Highlights:
- Annual inflation rose in May, indicating sustained demand
- GDP growth stable and moderate in the first quarter of 2015
- Annual wage growth gradually decreasing
In Focus:
- Economic situation and forecasts – growth slows down, risks remain high; by Igors Kasjanovs
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
"Highlights":
* 2016 passed in expactations of investment and in the environment of weak external demand
* Wages grew at a slower rate last year
* Current account recorded a surplus of 369.5 million euro or 1.6% of GDP in 2016
"In Focus":
* Foreign direct investment globally and in Latvia, autore: Santa Bērziņa
Latvijas Banka Monthly Newsletter December 2018Latvijas Banka
Highlights:
• Latvia's economy has experienced rapid growth
• Wage growth remains quite solid
• Current account ran a deficit of 1.0% of GDP in nine months of 2018
In Focus:
• Lending development from a sectoral perspective, by Vilnis Purviņš
Latvijas tautsaimniecības makroekonomiskā attīstība | Septembris 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 29. septembrī par jaunākajām ekonomikas prognozēm.
Latvijas Bankas Finanšu pratības daļas vadītājas Aijas Brikšes prezentācija Rīgas Izglītības un informatīvi metodiskā centra seminārā skolotājiem "Drošs internets un droša digitālā finanšu pratība" 2023. gada 29. augustā.
Latvijas Bankas Makroekonomikas analīzes daļas galvenās ekonomistes Baibas Brusbārdes prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Bankas Monetārās politikas analīzes daļas galvenās ekonomistes Anetes Kravinskas prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Bankas Makroekonomikas analīzes daļas galvenā ekonomistes Dainas Paulas prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas tautsaimniecības makroekonomiskā attīstība | Marts 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 31. martā par jaunākajām ekonomikas prognozēm.
Latvijas tautsaimniecības makroekonomiskā attīstība | Marts 2023
Monthly Newsletter 6/2013
1.
2. Annual inflation remained slightly negative (–0.1%)
in May for the second consecutive month, mainly as a
result of dropping fuel and processed food prices.
Going forward, several supply factors continue to
signal low inflation. For instance, the thermal energy
prices in Riga will be decreased from July as a result
of introducing new reduced tariffs (possible because of
the launching of the new biofuel plants) as well as lower
sales price of natural gas. Under the impact of energy
prices, this year's average annual inflation could become
the lowest positive average annual inflation since the
beginning of the 1990s when data became available.
1. Highlights
Bank of Latvia Monthly Newsletter June 2013
According to the adjusted statistical data (an upward
adjustment of 0.2 percentage point), GDP grew by 1.4%
quarter-on-quarter in the first quarter of 2013, while
the annual growth rate was 6.0% according to calendar
adjusted data and merely 3.6% according to seasonally
non-adjusted data.
With industrial performance weakening and export growth
decelerating, private consumption with its contribution
of 3.4 percentage points became the main driver of GDP
growth in the first quarter of 2013. Private consumption
expanded on account of both recently growing employment
and the gross average wage increase. The reduction in the
personal income tax rate also contributed to this expansion.
Thus, private consumption could retain its leading position
in the coming months as well. Yet there are limits to its
ability to sustain rapid GDP growth in the case of a small
and open economy.
Inflation heading towards record lows
Resilient domestic consumption supports gdp growth
Despite the odds of dropping growth rates, decreasing
output of most manufacturing sub-sectors as well as
severe problems in manufacture of base metals, the
exports of Latvian goods continue to rise. The year-on-
year growth rate stood at 17.5% in April, which is a very
good performance considering the unstable external
environment.
Regardless of the fact that the Latvian exporting
sectors, manufacture of wood and base metals, are cur
rently facing a global contraction of production, both
the producers of metal structures and wood proces
sing enterprises continue to expand their exports to
Denmark, Sweden, Norway, the United Kingdom and
Iceland where many public procurement tenders are organised. This proves that the ability of Latvian exporters
to respond flexibly to changes in the external environment is a substantial advantage helping them to maintain
external competitiveness even in an unfavourable global situation.
Exports picking up despite weak external demand
3. 2. Macroeconomic Data
Reporting
period
Data (%)
Gross Domestic Product (GDP)
(quarter-on-quarter growth; seasonally adjusted)
07.06.2013 The engine for economic growth switches from export to consumption
2013 Q1 1.4
State budget
Tax revenue (current month; year-on-year growth)
General government expenditure (since the beginning of the year, year-on-year
growth)
2013 V
2013 V
6.4
6.8
Consumer price changes
Consumer Price Index CPI (month-on-month growth)
12-month average annual inflation (to comply with the Maastricht Criteria)
10.06.2013 This year’s average inflation could become the lowest positive annual
average inflation
2013 V
2013 V
0.1
1.1
Foreign trade
Exports (year-on-year growth)
Imports (year-on-year growth)
10.06.2013 Despite the unfavourable conditions, exports of Latvian goods are on the
rise
2013 IV
2013 IV
17.5
4.7
Balance of payments
Current account balance (ratio to GDP)
Foreign direct investment in Latvia (net flows; % of GDP)
04.06.2013 A small deficit in the current account in the first quarter
2013 Q1
2013 Q1
–1.4
2.7
Industrial output
Working day-adjusted industrial output index (year-on-year growth)
04.06.2013 External economic uncertainty may play out to increase the role of domes-
tic demand in the development of manufacturing
2013 IV –2.7
Retail trade turnover
Retail trade turnover at constant prices (year-on-year growth)
30.05.2013 Trade still growing well but pointing to a slowdown in rise of purchasing
power
2013 IV 6.2
Employment and unemployment
Registered unemployment (share in working age population)
31.05.2013 Wage purchasing power is growing
2013 V 9.9
Monetary indicators
Broad money M3 (year-on-year)
20.06.2013 As Latvia moves towards euro area, demand for cash currency drops
2013 V 4.2
Source: Treasury, Central Statistical Bureau of the Republic of Latvia, and Bank of Latvia data.
Bank of Latvia Monthly Newsletter June 2013
4. 3. In Focus
Bank of Latvia Monthly Newsletter June 2013
Labour market recovery is well underway, yet posing no risks to price stability
In just three years, Latvia managed to move down from the first to the eighth position in EU in terms of
the highest unemployment rate. During this period, Latvia recorded one of the fastest employment growth
rates among the EU Member States. For instance, Latvia ranked first in terms of job creation in 2012.
Furthermore, employment growth was driven solely by the private sector. In the first quarter of 2013, the
unemployment rate decreased to 12.4% which is at par with the euro zone average. However, the decline
of unemployment was somewhat hindered by the increase in economically active population owing to the
robust rise of participation rate.
Net labour outflow has virtually stopped. The Net emigration slowdown witnessed in CSB flash data (net
emigration in 2012 decreased to 11 000 as compared to 23 000 in 2011 and 36 000 in 2010) is further confirmed
by the passenger flows in Riga airport. The difference between passenger departures and passenger arrivals
fell to a marginal 2 000 in 2012 as compared to 20 000 in 2011 and 35 000 in 2010. Youth unemployment
halved as well. The only concern is associated with the already two decades' old unemployment enclaves,
particularly in rural areas of the eastern part of the country. Going forward, investment inflows and structural
policies for promoting business activity should aim at benefiting municipalities where unemployment is still
high.
Wages are growing, especially in real terms: the
average real net wage grew by 4.8% year-on-year
in the first quarter of 2013. On a seasonally adjusted
basis, the average wage for full-time work in the
first quarter of 2013 just exceeded its pre-crisis peak
in nominal terms and was only 6% lower than the
historical maximum in real terms. Yet this does not
pose any risks to price stability. The wage rise is
commensurate with labour productivity increase.
The wage-productivity gap which accumulated
during the period of economic overheating was
closed both owing to the wage adjustment and labour
productivity gains. The share of businesses claiming
labour shortage as the main business obstacle is stable
and below 10%. Thus, the labour shortage concern
expressed by particular companies is not sufficient
to cause economy-wide wage increases exceeding
labour productivity growth. Furthermore, the annual
growth of the nominal wage is stable at around 4% for
the third consecutive year, while the real wage growth
acceleration was driven by decreasing inflation (in
May 2013, inflation was the second lowest in the EU)
and the 1 percentage point cut of personal income tax
rate (to 24%) as of January 2013.