Real wages rose 5.6% at the beginning of the year, at the third-fastest pace in 15 years
Both nominal and real wages in the 1st quarter of 2024 rose relatively dynamically year-on-year in all 19 monitored sectors of the economy. The growth was affected by a more than 20% wage increase for those employed in electricity, gas, steam supply and a double-digit increase in the other 6 sectors.
In the 1st quarter of 2024, the average nominal monthly wage of an employee in the SR economy increased by 9% year-on-year to EUR 1 447. On a gross basis, employees received by an average of EUR 120 more than at the beginning of 2023. The growth dynamics slowed down compared to the previous quarter. Despite this, the still relatively significant increase in nominal wages together with the decreasing inflation contributed to the fact that Slovaks' real wages also increased in the second quarter. Adjusted for inflation, real wages rose by 5.6% in the first quarter of 2024. Faster quarterly growth over the past 15 years was recorded only in Q2 2021 and 2019. Seasonally adjusted nominal average wages increased by 1.9% compared to Q4 2023.
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In the structure of the economy, all 19 monitored sectors of the economy recorded a year-on-year growth in the average nominal wage. In almost two thirds, the increase was higher than the average for the entire economy. The increase in gross wages ranged from 3.5% in professional, scientific and technical activities to a 21.4% wage increase for employees in the electricity, gas and steam supply. Wages in all monitored sectors of the economy have already been able to resist inflation. Real growth by more than 7% was recorded in the wages of employees in seven sectors - for example in the electricity, gas, steam supply, further in mining and quarrying, or in the field of education, but also in state and public administration.
Industry, employing the highest number of people, showed a year-on-year wage growth by 11.5% (to EUR 1 557) during the 1st quarter of 2024, real wages increased by 8%. In trade, which employs the second largest number of people in the SR, nominal wages increased by 8.1% (to EUR 1 368). The real wage growth of employees in this sector reached 4.7%, which was below the average level for the entire economy of the SR.
Currently, the highest average monthly wage above EUR 2.8 thousand was in the sectors of financial and insurance activities and in the electricity, gas and steam supply. In 11 out of 19 sectors of the economy, the wage was below the average value for the entire Slovak economy. The lowest average nominal wage was still recorded by employees in accommodation and food services (EUR 834) and in other service activities (EUR 896), who were the only ones did not exceeding the threshold of one thousand euros.
From a territorial point of view, the nominal monthly wage was above average only in Bratislavský kraj (EUR 1 838). In the other regions, it ranged from EUR 1 119 in Prešovský kraj to EUR 1 334 in Trenčiansky kraj. In all regions, the average wage increased year-on-year, the most dynamically by 10% in Banskobystrický kraj. Real wages rose by more than 5% in all regions of Slovakia, except Nitriansky kraj, where the growth was only 1.3%.
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