In August, wage growth slowed down, but continued to outpace inflation in most sectors

Wage growth in Slovakia slowed down in the second holiday month. After taking  into account inflation, wages increased year-on-year in 9 out of 10 sectors, the most in retail trade. Employment increased in 5 out of 10 sectors, most in selected market services. It continued to decline in industry.

The average nominal monthly wage¹⁾ in August 2024 rose year-on-year in all 10 sectors monitored monthly. However, its growth rate slowed down compared to the previous months, and growth did not exceed 10% in any sector. Wages increased the fastest in retail trade, by 9.4%.

After taking into account the effect of inflation, wages rose in real terms year-on-year in 9 out of 10 sectors, ranging from 0.3% in wholesale to 6.4% in retail trade. More significantly, by more than 4%, wages also increased in sale and repair of motor vehicles, in accommodation, transportation and storage, and also in food and beverage service activities. The only sector in which wages dropped in real terms was the information and communication sector, its value was by 0.4% lower in real terms year-on-year.

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In total in the first 8 months of 2024, both nominal and real wages rose in all 10 sectors monitored monthly. Growth of nominal wages by 10% or more was registered by retail trade and transportation and storage. Real wages rose ranging from 1.9% in information and communication and also in selected market services to 7.5% in retail trade. The increase in wages also exceeded 7% in transportation and storage.

Year-on-year development of employment

The number of employed persons²⁾ in August 2024 was higher year-on-year in half of the 10 monthly monitored sectors. Employment increased the most in selected market services by 4.7%. Growth in the number of employees up to 2.3% was also recorded in information and communication, also in construction, as well as in wholesale and retail trade.

The largest employing sector – industry continued to record a year-on-year decrease in employees, currently by 2.3%, which was the highest among the monitored sectors.  Year-on-year employment was also lower in accommodation, transportation and storage, food and beverage service activities, as well as sale and repair of motor vehicles.

From the beginning of 2024, employment rose year-on-year in 5 out of 10 sectors, the fastest in selected market services by 4.8% and information and communication by 3.4%. Industry, wholesale, transportation and storage, retail trade, as well as food and beverage service activities recorded year-on-year lower numbers of employees.