Wages of the Slovaks rose at the slowest pace since the beginning of 2021, real wages still maintained a growth at the level of 3%

All monitored sectors of the economy, except activities in the field of real estate, recorded an increase in both nominal and real wages. From a regional perspective, the average wages in Nitriansky kraj were unable to overcome inflation, even if only barely.

Average wages continued increasing, but the pace was the weakest in three and a half years. In the third quarter of 2024, the nominal monthly wage of an employee in the SR economy increased by 5.8% year-on-year to EUR 1 484. Roughly speaking, this meant that employees received by an average of EUR 81 more than in the corresponding period last year. Even though, quarter-on-quarter, the growth dynamics slowed down for the third consecutive time, the real wages of the Slovaks still maintained their year-on-year increase. Adjusted for inflation, real wages rose by 3% in the 3^rd quarter of 2024. Seasonally adjusted nominal average wages increased by 1% compared to the 2^nd quarter of 2024.

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In the structure of the economy, 18 of the 19 monitored sectors of the economy recorded a year-on-year growth in the average nominal wage. The increase in gross wages ranged from 4.1% in trade to 9.7% in water supply. On the contrary, gross wages decreased year-on-year only for employees in the field of real estate, which at the same time was the only one of the monitored sectors of the economy that could not overcome inflation. Real growth by more than 3% was recorded in the wages of employees in nine sectors. Those employed in water supply actually improved the most, then in art, entertainment and recreation, in education, or in the electricity, gas and steam supply.

Among the sectors employing the highest number of employees during the 3^rd quarter of 2024, manufacturing maintained a higher growth rate. For those employed in industrial production, nominal wages rose by 7.4% to EUR 1 556. The real growth of their wages reached 4.6%, which was more than the average for the entire Slovak economy. In trade, which employs the second highest number of people after industry, the average salary increased by 4.1% to EUR 1 412. In real terms, its value increased by 1.4%, which was significantly below the average of the entire Slovak economy.

Currently, the highest average monthly wage, above EUR 2.4 thousand, was achieved by employees in financial and insurance activities, as well as in the field of information and communication. In 10 out of 19 sectors of the economy, the average wages were below the average value of the entire Slovak economy. Employees in accommodation and food services (EUR 922) and in other service activities (EUR 1 047) still had the lowest average nominal wages. Only those employed in accommodation and food services did not exceed the threshold of EUR 1000.

From a territorial point of view, the above-average nominal monthly wage was only in Bratislavský kraj, at the level of EUR 1 784. In other regions, it ranged from EUR 1 172 in Prešovský kraj to EUR 1 415 in Trnavský kraj. In all regions, the average nominal wage increased year-on-year, while the most dynamic increase by 4.5% was recorded by Banskobystrický kraj. Real wages rose in 7 out of 8 regions of Slovakia, only in Nitriansky kraj they dropped by 0.2%.

In total for the 1st to 3^rd quarter of 2024, the average nominal monthly wage of an employee in the SR economy reached EUR 1 484. It increased by 7.3% year-on-year, its growth rate slowed down by 1.9 percentage points compared to the corresponding period last year. The real wage rose by 4.5%. Of the 19 monitored sectors, only the wages of employees in real estate were not able to overcome the pace of inflation.