Drop of 4% in average earnings a ‘boon’ to our competitiveness

ECONOMISTS have described an almost 4% drop in average earnings across the economy over the last 12 months as a “boon” to the country’s competitiveness.

Figures published by the Central Statistics Office showed average weekly pay dropped from €709.55 in the first quarter of 2009 to €682.91 in the first quarter of this year.

The CSO said that drop was reflective of both the 2.2% decrease in the number of hours being worked and the 1.5% drop in the hourly wage rate.