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Wednesday, February 12, 2020

Real wages rise for sixth year running in Germany

© Reuters.  Real wages rise for sixth year running in Germany© Reuters. Real wages rise for sixth year running in Germany

BERLIN (Reuters) - Real wages in Germany rose for a sixth consecutive year in 2019, data showed on Wednesday, boosting hopes that household spending will continue to help underpin meager growth in Europe's largest economy.

The Statistics Office said nominal wages climbed by 2.6% on the year in 2019 while consumer prices increased by 1.4%. That meant real wages rose by an average 1.2% in 2019 - slightly weaker than the 1.3% increase seen in 2018.

Rising wages, coupled with record high employment, have given the German economy, which traditionally relied on exports, a big boost in recent years.

Export-dependent manufacturers are battling sluggish demand from abroad and uncertainty due to trade disputes and Britain's departure from the European Union.

Real wages have increased by an average of 1.2% per year since 2010.

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