Hellenic Federation of Enterprises: Industrial sector has clear advantage in wages

Τhe average monthly salary (including workers’ contributions) amounted to 1,184 euros in the January-September 2017 period, up 0.5 pct from the corresponding period in 2016, while including employers’ contributions the average monthly salary was 1,567 euros, the Hellenic Federation of Enterprises (SEV) said in a report released on Thursday.

In the report, SEV noted that the average monthly salary in the industrial sector was 1,476 euros (up 1.7 pct from 2016), in the transport/tourism sector it totaled 978 euros (up 0.7 pct), in the media/communication it totaled 1,218 euros (down 0.5 pct), while in the public sector/education/health, the average monthly salary was 1,342 euros (-0.9 pct).

SEV stressed it “the advantage of wages in the industrial sector is clear in comparison with the salaries in other sectors, although in the public sector/education/health wages remained relatively high, raising hurdles to the best distribution of productive factors”.

The highest wages are recorded in banks/insurance (3,669.2 euros, up 5.4 pct from 2016) while the lowest in the construction (849.3 euros, up 0.6 pct) and agriculture (595.6 euros, up 3.3 pct).

The Federation underlined that payroll adjustments should be linked with economic productivity to prevent past mistakes, and noted that since 2015 the country’s competitiveness was falling, raising hurdles in the transformation of the economy towards the direction of an extrovert productive model. SEV stressed that an increase in employment (+1.9 pct) exceeded that of the GDP (+1.1 pct) and thus the economy’s productivity was dropping.

It added that net investments (after amortizations) were negative in 2016 (-9.6 billion euros) from a gross investment of 20.5 billion euros in the country, adding that this meant that the country was investing less than was necessary to achieve steady economic growth.