German pay packets see faster growth
Print Edition
WAGES in Germany have grown much faster than in other eurozone countries in recent years, a Bundesbank study published yesterday found, reversing conditions seen before the financial crisis that stoked intra-European resentment.
Pay packets in Europe’s largest economy rose by 2.7 percent per year on average between 2014 and 2017, far outpacing the 1.0 percent seen in the remaining 18 single currency nations.
In the pre-crisis years from 2004 to 2007, German wages grew 0.6 percent annually compared with 3.5 percent elsewhere in the eurozone.
“The period of wage moderation in Germany is over,” the Bundesbank, or central bank, said.
Germany’s habit of keeping wages low, squeezing the prices of its products and making them more competitive abroad, was a long-running bone of contention with its neighbors.
They argued the practice also throttled domestic consumption in the central European powerhouse, limiting other countries’ ability to benefit from its strength by selling more to Germans.
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