[Article] Albanians' average monthly salary increases by 7 pct in 2017

Average monthly salary in Albania during 2017 reached about 49,000 ALL (around 460 U.S. dollars), an increase of about 7 percent over 2016, the Albanian National Institute of Statistics (INSTAT) said on Thursday. The growth seems a result of an improvement in macro economy. According to the INSTAT, Albanian economy grew by 3.8 percent year on year in 2017, which positively affected the labor market. However, the average monthly gross salary refers only to formalized payments and is calculated by the data declared by the economic enterprises at the Albanian General Taxation Directorate. Many of those who worked in black or declare the minimum wage were forced to make full statements, or at least closer to the real wage. This is also reflected by the decline in the share of employees with a minimum wage, which for 2017 fell below 30 percent of the total. In Albania only 44 percent of employees are salaried. Most of them are self-employed in family business. Moreover, the ratio of employed and working age population was 57.4 percent in 2017, a modest increase of 1.5 percentage points compared with the previous year. The low employment rate, besides the inability to find a job, is linked to the high percentage of inactive population and low participation in the labor market, especially among women. According to the INSTAT, in 2017 the average unemployment rate in Albania was 13.7 percent, down from 15.2 percent in 2016. Unemployment fell especially among young people, falling to 25.9 percent, from 28.9 percent a year earlier.

Source: ATA