Slovakia - Significant growth in nominal wages mitigates decline of real wages - September 30, 2023

According to the Statistical Office of the Slovak Republic, average gross wages increased year-on-year in all 19 monitored sectors of the economy, but real wage growth was achieved in only six of them. The sectors employing the most people, trade and industry, recorded slightly higher drops in real wages than the average. In the second quarter of 2023, the average nominal monthly wage of an employee was € 1,419 with a year-on-year growth by 9.9%. On a gross basis, employees received an average of € 128 more than in the corresponding period of the previous year. The increase was the second highest in fifteen years, yet wages still could not keep up with high inflation. However, the decline in real wages slowed significantly in the second quarter, currently decreasing by 2% year-on-year.

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