Report: Wealth Accumulation a Slow Process (1)

Photo: Reuters/Scanpix
11/4/2013 1:21 PM
Category: Economy

An analysis in the National Audit Office's annual report finds that, despite praise for Estonia's public finances and economic growth, these successes have not translated into better economic well-being for Estonians.

While the average net wage has increased 5 percent since 2008, prices have increased 12 percent, the report said.

In comparison with the average European, wealth is at the same level it was five years ago. Although purchasing power has improved slightly, it is still 69 percent of the EU average and hasn't yet returned to the pre-crisis 70 percent.

Meanwhile, prices compared with the European average have grown 7 percent since 2007, reaching 80 percent of the EU average in 2012. Inflation significantly outpaced the European average in 2010–2012, in 2011 higher only in Romania. The fast pace of inflation has continued in 2013, growing by 4 percent year-on-year in the first eight months, although recent months have shown signs of easing off.

Although salaries are at a historical high point, reaching a gross average of 887 euros in 2012, they have only increased by 7 percent in the last five years. The average Estonian's net salary compared with 2008 is 36 euros higher.


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