Real wages increased in most sectors in 2023, but a decline in employment did not stop

In 2023, the average wage increased year-on-year in all ten monitored sectors, in seven of them even at a double-digit rate. Wage growth was faster than inflation increase in six sectors. A decrease in employment was recorded in most sectors, in industry the number of employees decreased for the fifth consecutive year.

The average nominal monthly wage¹⁾ increased year-on-year in all monitored sectors, with double-digit growth in only half of them in December. The most significant growth was recorded in food and beverage service activities by 15.1% (EUR 724), the lowest in construction (EUR 1,064) and also transportation and storage²⁾ (EUR 1,415), both by 7%. The real wages of employees in all monitored sectors were also higher year-on-year in December 2023. Their growth ranged from 1% in transportation and storage to 8.7% in food and beverage service activities.

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In the last month of 2023, employment³⁾ increased slightly year-on-year only in 3 out of 10 sectors, namely in sale and repair of motor vehicles, in accommodation and in information and communication. Employment decreased most significantly in food and beverage service activities by up to 6.8%, in other sectors, the decrease ranged from 1.3% to 3.3%.

Development of employment and wages for 2023

The nominal monthly wage increased year-on-year on average in all monitored sectors in 2023. It grew the most in sectors with lower wages, namely in food and beverage service activities by 14.4% (it reached EUR 706) and in accommodation by 13.8% (EUR 1,082). Wages increased at a double-digit rate in construction to EUR 1,025, in retail to EUR 1,086, in selected market services to EUR 1,395, in wholesale to EUR 1,466 and in industry²⁾ to EUR1,511. Wages increased the slowest in the sector with the highest wages, in information and communication, the rate of their year-on-year growth was 7.2% and the level of average wages reached EUR 2,449.

The growth of inflation gradually slowed down in 2023, and its level decreased wages less than in the previous year. The real wage increased in 6 out of 10 monitored sectors, the growth ranged from 0.6% in wholesale to 3.5% in food and beverage service activities. Real lower wages of up to 3% were recorded in information and communication, in transportation and storage, in sale and repair of motor vehicles and in industry. In the long-term comparison of the development of real wages since 2009, the worst year was 2022, when only one sector recorded growth, namely accommodation.

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Employment in Slovakia on average for 2023 increased year-on-year in only 4 out of 10 monitored sectors. The number of employees increased the most in information and communication by 2%, on the contrary, it decreased most significantly in wholesale by 2.8%. In the largest employer sector, industry, employment declined the least, by 0.6%. However, the year-on-year decrease in employees was recorded for the fifth consecutive year; the decline was the second lowest in 2023. In a long-term comparison, all monitored sectors recorded an increase in employment in 2017 and, on the contrary, a decrease in employment in 2010.