Average monthly wage grows by 3.6 percent

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The average nominal monthly wage in the Czech Republic grew by 8.5 percent year-on-year in 2001, reaching 14,642 CZK, which is around 450 USD. In real terms, after deducting inflation, the growth was 3.6 percent. The highest wages were in the banking and insurance sector - more than double the national average.

The average nominal monthly wage in the Czech Republic grew by 8.5 percent year-on-year in 2001, reaching 14,642 CZK, which is around 450 USD. In real terms, after deducting inflation, the growth was 3.6 percent. The highest wages were in the banking and insurance sector - more than double the national average. The average wage in the commercial sphere remains higher than in the state sector. The spokeswoman of the Czech Statistics Office, Jana Bondyova, said there were also significant differences between individual regions of the Czech Republic:

"Traditionally, the highest average wage remains in Prague, at 18,416 CZK. The lowest is in the Olomouc region - 12,483 crowns."

In the last quarter of 2001, wage growth decelerated in the industrial sector in reaction to the economic slowdown. However, wages in the state sector grew at the same pace, and there was also an increase in the number of civil servants. Analysts see the upcoming elections as the main motor of wage growth and employment in the state sector. In the next election term, they expect the gap between the private and state sector to widen further.