RIGA, Feb 16 (LETA) - By 2020, the average gross monthly wage in Latvia will exceed EUR 1,000, according to the macroeconomic forecast drawn up by the Finance Ministry.
The ministry notes that the gross monthly wage averaged at EUR 858.9 in 2016, but that it might rise to EUR 906.1 this year.
The average gross wage is expected to keep growing also in following years - to EUR 951.4 in 2018, EUR 999 in 2019 and EUR 1,049 in 2020.
According to the Finance Ministry’s forecast, the employment rate will be stagnating in years to come. The size of the employed population, which this year is projected to be 896,100 strong, is not expected to change much between 2018 and 2020, with the ministry projecting that 897,900 people might be employed in Latvia during this period.
At the same time, the unemployment rate will keep dropping, from 9.4 percent in 2017 to 8.9 percent in 2018, to 8.4 percent in 2019, to 8.2 percent in 2020.
As reported, the Finance Ministry’s macroeconomic forecast suggests that the Latvian economy will grow by 3.2 percent this year and 3.4 percent in 2018.
The Finance Ministry believes that Latvia’s economic growth will pick up in 2017 as external conditions improve, the growth of the global economy and Latvia’s key trade partners quicken and investment starts flowing again into Latvia.