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HomeLithuaniaPeople's income growth outpaces inflation in Lithuania in Q3 – Sodra

People’s income growth outpaces inflation in Lithuania in Q3 – Sodra

People’s income continued to rise in Lithuania the third quarter of this year, with the growth outpacing inflation, the latest figures from the social insurance fund Sodra showed on Tuesday.

Kristina Zitikyte, an advisor with Sodra’s Statistics, Analysis and Forecast Unit, notes that labor income after tax rose by 10.7 percent in July-September year-on-year, compared to the annual inflation rate of 3.7 percent.

The earnings growth was mostly due to a 15.1 percent rise in the minimum monthly wage, from 730 euros in 2022 to 840 euros in 2023, and salary increases for civil servants, officers, and employees of budgetary institutions.

Full-time employees’ average income before tax rose by 209 euros, or 11.7 percent, to 1,989 euros in the third quarter year-on-year, and their average income after tax was up by 119 euros, or 10.7 percent, to 1,235 euros.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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