News2023.05.25 11:39

Income growth lags behind inflation in Lithuania – SoDra

BNS 2023.05.25 11:39

Lithuanian residents saw their income grow in the first quarter of 2023, but growth lagged behind inflation, the latest data from the country’s social insurance fund SoDra showed on Thursday.

Post-tax residential income rose by 13.3 percent in January-March, compared to the same period last year, and annual inflation stood at 16.6 percent, said Kristina Zitikytė, an advisor at SoDra’s Statistics, Analysis and Forecast Department, noting that the difference was smaller than in previous periods.

The average pre-tax income of full-time employees increased by 15 percent (247 euros) to 1,913 euros in January-March, compared to the first quarter of last year, while the average post-tax income went up by 13.3 percent (140 euros) to 1,192 euros.

“Although Lithuania’s economic growth slowed down at the beginning of the year, labour income continued to grow at a strong pace,” Zitikytė said.

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