Early data confirms that wages rose faster than inflation across sectors in 2024

Wages increased nominally enough to withstand inflation and also show real growth in all 10 sectors monitored monthly during 2024. Employees in the retail trade and also in the transport and storage sector improved the most year-on-year. In total, employment rose in 6 out of 10 sectors of the economy for the year. It increased the most in selected market services, on the contrary, its decline hit industry the most.

The average nominal monthly wage¹⁾ was higher year-on-year in December 2024 in all 10 sectors monitored monthly, but the growth rate was slower in most of them than in the previous month. Wages rose the fastest, up to double digits, in sale and repair of motor vehicles, at a rate of over 7%, also in sectors with a large number of employees in industry and also in retail.

In real terms, after adjusting for inflation, wages rose in 8 out of 10 sectors, ranging from 0.5% percent in information and communications to 8% in sales and vehicle repair. Wages in retail also increased more significantly, exceeding 5%. The year-on-year real wage drop of up to 0.9% was felt by employees of wholesale and selected market services.

In December 2024, half, i.e. 5 out of 10 sectors monitored monthly, had higher employment²⁾ in a year-on-year comparison. The number of employees increased by 5% in selected market services, further from 2 to 3% also in retail, as well as information and communication, also in construction and accommodation. A slight year-on-year decrease in the number of employees was recorded in industry (by 1.6%), as well as in wholesale, in food and beverage service activities, as well as in vehicle sales and repair.

Development of employment and wages for 2024

In total, for the entire year 2024, wages rose year-on-year both nominally and in real terms in all 10 monthly monitored sectors. At a faster pace, by 9% or more, nominal wages in retail increased to EUR 1 245 and in transportation and storage to the level of EUR 1 399. They also increased by more than 8% in industry to EUR 1 641, in sales including motor vehicle repairs to EUR 1 522 and also in food and beverage service activities to EUR 758.

After adjusting for the effect of inflation, real wage growth last year reached, on average,  from 1.3% in selected market services to 6.5% in retail. The real increase in wages above 5% was also in transportation and storage, further in industry, as well as in sale of motor vehicles, including their repairs, as well as in food and beverage service activities.

In total for the entire year 2024, employment²⁾ increased year-on-year in 6 out of 10 sectors, the fastest in selected market services by 4.8%. At the same time, a growth of 2 percent or more was seen in accommodation, also in information, including communication, as well as in construction. A decrease in the number of employees was recorded by industry by 2.2% and wholesale trade by 1%, and transportation and storage, by 0.6% and food and beverage service activities by 0.2%.