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NBS: wages grow too fast

THE COUNTRY’S central bank, the National Bank of Slovakia (NBS), is concerned about the pace of wage growth during the first few months of 2005.

The bank claims that wage developments reflect neither inflation nor labour productivity, the daily SME wrote.

In the manufacturing, retail and transportation sectors, wage growth preceded inflation by 5 percent.

NBS Deputy Governor Elena Kohútiková warned that premature wage growth could hurt a country’s economic development. The bank says that when manufacturing sector wages outpace labour productivity, the risk for inflation increases.

Compiled by Beata Balogová from press reports
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