Germany negotiates wages ascend more strongly in the first quarter

Germany negotiates wages ascend more strongly in the first quarter

In Germany, negotiated wages inched up by 2.8% on average during the first quarter compared with the same period the previous year, as data disclosed on Tuesday, spurring hopes that household spending will probably remain a major driver of surge in the EU’s major economy.

As reported by the Statistics Office, negotiated wages include collectively agreed basic pay and also one-off payments, back payments from wage deals and annual bonuses.

The 2.8% leap in the first quarter appeared to be above the long-term average of 2.5% for the last 20 quarters and it also marked an acceleration in wage surge from a 2.2% soar in the final quarter of the previous year, as the office informed.

Negotiated wages tacked on more steeply than consumer prices that soared by 1.9% during the same period, as the data revealed, suggesting that consumers have more money to spend notwithstanding growing inflation.

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