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Czech hourly wage growth fastest among EU newcomers

The hourly wage in the Czech Republic has, since the country’s accession to the EU in 2004, increased the fastest among other EU newcomer states, from €5.47 (some Kc142) to €7.14 (Kc186) in 2006, a rise of 30.5%, the Czech Statistical Office said Monday, reports Prague Daily Monitor.

“In the Czech Republic, Hungary and Slovakia, hourly wage rose by around 20% in just two years (2004 and 2005), and the growth was the fastest in the Czech Republic (+21.5%),” the CSU said. By growth of labor productivity, Slovakia ranks ahead of the Czech Republic. “In 2003, Slovakia’s labor productivity was 63.2% and the Czech Republic’s 66.5% of the EU-27 average. In 2007, the prcentage increased to 75.5% and 73.5%, respectively, according to Eurostat data, the CSU said. By per capita GDP, the Czech Republic is among the leaders, alongside Cyprus, Slovenia and Malta. Their per capita GDP is higher than 70% of the EU-27 average. Estonia, Hungary and Slovakia in the second group have per capita GDP at between 60 to 70% of the EU-27 average. (praguemonitor).