The dynamics of wage growth slowed slightly, real wages rose by almost 5% on average

All monitored sectors of the economy, with the exception of real estate activities, recorded an increase in both nominal and real wages. Those employed in the field of education, manufacturing, financial and insurance activities improved the most in real terms.

The average nominal monthly wage of an employee in the economy of the SR in the 2^nd quarter of 2024 increased year-on-year by 7.1% to EUR 1,520. This means that employees received on average by EUR 101 more than in the same period of the previous year in gross terms. Compared to the previous quarter, growth slowed down for the second time in a row. Despite this, the still relatively significant increase in nominal wages, together with falling inflation, contributed to the fact that the real wages of Slovaks grew for the third consecutive quarter. After adjusting the inflation rate, real wages rose by 4.9% in the second quarter of 2024. The seasonally adjusted nominal average wage increased by 1.2% compared to the 1st quarter of 2024.

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In the structure of the economy, 18 of the 19 monitored sectors of the economy recorded year-on-year growth in the average nominal wage. The increase in gross wages ranged from 3.1% in administrative activities to 14.1% in education. Year-on-year gross wages fell only for employees in the field of real estate activities, which at the same time was the only one of the monitored sectors of the economy that could not resist inflation. Real growth of more than 6% was recorded in the wages of employees in seven sectors. Those employed in education, manufacturing, financial and insurance activities improved the most in real terms.

In the second quarter of 2024, the rate of wage growth also slowed down in the sectors that employ the most people in Slovakia, i.e. in industry and trade. Despite this slowdown, manufacturing, the nation's largest employer, maintained year-over-year wage growth of 9.3%, the second-highest increase among all monitored sectors. The gross wage of employees in manufacturing increased to EUR 1,633, while their real wages increased by 6.7%. In trade, the second largest employer, nominal wages rose by 4.8% to EUR 1,421. The real growth of wages of employees in trade reached 2.6%, which was below the average of the entire Slovak economy.

Currently, the highest average monthly wage, exceeding EUR 2.5 thousand, was recorded by employees in the sectors of financial and insurance activities, as well as in the field of information and communication. In 11 out of 19 sectors of the economy, the average wages were below the average value of the entire economy of the SR. The lowest average nominal wage was still for employees in accommodation and catering services (EUR 862) and in other activities (EUR 952), who were the only ones who did not exceed the threshold of one thousand euros.

From a regional point of view, the nominal monthly wage was above average only in Bratislavský kraj (EUR 1,836). In the other regions, it ranged from EUR 1,169 in Prešovský kraj to EUR 1,438 in Košický kraj. In all regions, the average wage increased year-on-year, while the most dynamic increase, by 9.3%, was recorded in Žilinský kraj. Real wages rose by more than 4% in most regions of Slovakia. The exception was Nitriansky kraj, where the growth represented only 3.2% and Bratislavský kraj with an increase of 3.5%.

In the first half of 2024, the average nominal monthly wage of an employee in the SR economy reached EUR 1,484. It increased by 8.1% year-on-year, its growth rate slowed down by 1.6 percentage points compared to the same period last year. The real wage rose by 5.3%. Of the 19 monitored sectors, only the wages of those employed in real estate were not able to resist the pace of inflation.