In July, wage growth exceeded inflation in all sectors monitored monthly, employees increased in only half of them

Wages in the Slovak economy rose faster than inflation during July, and therefore real growth was achieved in all 10 monthly monitored sectors. Employees in retail trade improved the most, their wages rose by more than 7% in real terms. 5 out of 10 sectors had higher employment than last year, mostly in selected market services.

The average nominal monthly wage¹⁾ in July 2024 rose year-on-year in all 10 monthly monitored sectors, with the largest increase in retail trade, by 10.2%. All selected sectors also recorded growth in real wages, which ranged from 2.9% in selected market services to 7.4% in retail trade. More significantly, by more than 6%, wages also increased in industry, transportation and storage, and also in sale and repair of motor vehicles.

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In total for the first 7 months of 2024, both nominal and real wages rose in all 10 monthly monitored sectors. Growth of nominal wages above 10% was registered by retail trade, transportation and storage and also industry. Real wages rose from 2.1% in information and communication and also in selected market services to 7.8% in retail trade. Their growth over 7% was shown by transportation and storage, and also by industry.

Year-on-year development of employment

Employment²⁾ in July 2024 increased year-on-year in half of the 10 monthly monitored sectors. It rose the most in selected market services, by 5.1%. It also increased in accommodation by 3.4%, information and communication by 1.9%, in construction and in food and beverage service activities, it increased by only 1%. The largest employer sector - industry continued to record a year-on-year decrease in employees, currently by 2.4%. Wholesale, sales and repair of motor vehicles, transportation and storage and also retail trade had lower employment than a year ago.

From the beginning of 2024, employment rose year-on-year in 6 out of 10 sectors, the fastest in selected market services by 4.8% and information and communication by 3.5%. Year-on-year lower numbers of employees were recorded in industry, wholesale, transportation and storage and retail trade.