payroll per person engaged in the finance, insurance, real
estate and business services sector, and in
the wholesale,
retail and import/export trades rose by
13% and 10%
respectively in money terms; their corresponding increases in
real terms were 38 and 18. Over the same period, civil
service salaries on average increased by 4% in real terms
4.12
(9).
Construction wage rates increased by only 5% in
money terms in the twelve months ending March
March 1983. After allowing for the effect of consumer price increases, there was a decrease of 4% in real terms.
(9)
To arrive at the 4% increase in real terms, the average rate of increase in consumer prices during the twelve months ending December 1982, as represented by the Consumer Price Index (A), was used in deflating the nominal increase of 15% in civil service salaries in April 1982. The nominal increase of 5% in civil service salaries in April 1983 would, however, probably imply a decrease in real terms for 1983.
27