In August, most large sectors already reached an increase in real wages, employment continued to decline year-on-year

In August, the growth rate of nominal wages overtook the inflation, in 9 out of 10 monitored sectors, wages already increased in real terms. Year-on-year lower employment continued in most sectors.

In August 2023, the average nominal monthly wage¹⁾ increased year-on-year in all 10 monitored sectors on a monthly basis, and the growth rate was double-digit in 7. Wages in food and beverage service activities increased the most by 17.5%; employees in this sector recorded an average wage of EUR 726 in August, the least of the monitored sectors on a monthly basis. The wage in wholesale grew by more than 12% to EUR 1,432 and in construction to EUR 1,035. Wages in retail trade (EUR 1,093) and in selected market services (EUR 1,378) increased by more than 11%. Wages in sale and repair of motor vehicles increased by more than 10% to EUR 1,370 and in transportation and storage to EUR 1,307.

In August 2023, wages in almost all monitored sectors stood up to inflation and outpaced a price growth. Only in 9 out of 10 monitored sectors, real wages increased year-on-year. Most significantly, they increased by almost 8% in food and beverage service activities, while the level of growth was exceeded by 3% in wholesale and in construction. In other sectors, the year-on-year growth of real wages ranged from 0.1% in accommodation to 2.4% in retail trade. A real decrease in wages was recorded only in information and communication, by 1.7%.

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In total, for the first eight months of 2023, the nominal monthly wage increased in all 10 monitored sectors, by double digits in up to 8 of them. It increased the most in sectors with low wages: in accommodation by 16.1% to EUR 1,062, in food and beverage service activities by 14.2% to EUR 698 and in construction by 13.8% to EUR 1,005.

Real wages increased since the beginning of the year only in accommodation, in food and beverage service activities, as well as in construction. In other seven sectors, real wages still decreased year-on-year.

Year-on-year development of employment

Employment²⁾ in the Slovak economy was lower year-on-year in 6 out of 10 monitored sectors of the economy in August 2023. In the largest employer sector – industry³⁾ the number of employees decreased year-on-year by 0.5%. With the exception of this year's March, the decline continued for 18 months. Of the other sectors with a high number of employees, the decrease in employment also continued in selected market services and in retail trade. The most significant year-on-year decrease in number of employees by 4.1% was recorded by food and beverage service activities.

Of the larger sectors, growing trend in employment was maintained in construction by 0.6%, in case of lower sector in information and communication by 1.4%, as well as sale and repair of motor vehicles by 1% and accommodation by 4.5%.

In total, since the beginning of 2023, the number of employees increased year-on-year in only 4 of the 10 monitored sectors, namely in construction, information and communication, accommodation and in sale and repair of motor vehicles.