The average net wage in Romania increased by 14.2% y/y to RON 4,876 (EUR 980) in February, resulting in a +6.5% real annual advance, according to data published by the statistics office INS. The real growth rate was +6.3% y/y in January.

In 2023, the net wages were hit by high inflation, but even so, the average growth rate expressed in real terms was +4.4% y/y. As the inflation eased, the real annual growth rate accelerated to +8.2% y/y in Q4.

Strong earnings have pushed up private consumption, with the sales of non-food goods rising by +12.2% y/y in January and +19.8 y/y in February.

Besides robust wages, consumer lending also contributed to rampant private consumption: the volume of consumer loans in January-February 2024 (local currency) surged by 63% y/y.

The annual growth rate was +69% y/y in February.

iulian@romania-insider.com

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