The average monthly wage in Latvia is expected to grow 4.1% this year, which is the second steepest rise among other member states of the Organization for Economic Cooperation and Development (OECD), according to OECD forecasts.
OECD projects that the steepest rise of the average wage will be observed in Hungary (4.9%), following by Latvia, Poland (3.8%), the Czech Republic (3.7%), Slovenia (3.5%) and Israel (3%).
Meanwhile, the average wage is expected to drop in the UK (-0.7%), Italy (-0.6%) and Spain (-0.1%).
OECD reported that the average wage in Latvia is €10,173 a year or €848 a month. In terms of US dollars, the average wage is $20,675 a year.
Among OECD members, average wages lower than Latvia are reported in Chile ($20,538 a year), South Africa ($19,219), China ($17,718), Russia ($17,410), Mexico ($13,166), Brazil ($12,656), India ($5,665) and Indonesia ($4,682). The biggest average wage is recorded in Switzerland – $69,168 a year.
As reported, starting 2018 the minimum monthly wage in Latvia is €430, up from €380.