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Study – despite the upswing: Reallöhne in Europe hardly go up News

Friday, September 1st, 2017 | Economy

This is a report published on Friday by the trade union Hans Böckler Foundation. The 1.5 percent from the previous year could not be repeated. This is due to higher consumer prices, which compensate for a substantial portion of nominal salary increases.
According to the tariff experts, Germany reported a real growth of 1.9 per cent in real terms, ie after deduction of inflation, last year and projected an increase of 0.8 per cent for this year. However, given the stable upswing, inflation-adjusted growth is also very moderate.
More pay, more demand
According to the scientists, much stronger EU-wide increases would stimulate domestic demand and growth in Europe. Wage growth would not only strengthen private demand, but also contribute to a normalization of the inflation rate, the trade union economists write.
The basic conditions formed a relatively favorable environment, writes the authors. This year, growth reached all EU countries. As in the previous year, the EU Commission expects growth of the gross domestic product of 1.9 percent. At the same time, the unemployment rate is steadily declining to 8.0 per cent this year.
The consequences of the euro crisis in 2009 have not yet been overcome in all Member States, it said. Especially in Southern Europe, the reallers fell by as much as 23 per cent (Greece) between 2010 and 2017, while there was a significant increase (+55.8 per cent Bulgaria), particularly in Eastern Europe. Germany achieved real wage growth of 9.8 percent during this period.
The wage rate, ie the share of income from the total income of the nation, remained constant in Germany, but could not offset the losses from the previous two decades.
(AWP)

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