Wage growth has already outpaced inflation. See where salaries grew the most

The average nominal monthly wage grew last year year-on-year in all ten monitored industries, in seven of them even at a double-digit rate.

It grew the most in sectors with lower wages, namely in the activities of restaurants and hospitality by 14.4%. On average, people here earned 706 euros. In the area of ​​accommodation, people earned an average of 1,082 euros last year, which represents a year-on-year increase of 13.8%.

Wages also grew at a double-digit rate in construction with an average wage of 1,025 euros, in retail to 1,086 euros, in selected market services to 1,395 euros, in wholesale to 1,466 euros and in industry to 1,511 euros. Salaries grew the slowest in the sector with the highest wages, in information and communication, the rate of their annual growth was 7.2% and the level of average earnings reached 2,449 euros. The Statistical Office of the Slovak Republic informed about it.

The growth of inflation gradually slowed down last year, and its level cut into earnings less than in the previous year. The real wage increased in six of the ten monitored industries, the growth ranged from 0.6% in wholesale to 3.5% in restaurant and hospitality activities.

Real lower wages of up to 3% were recorded in the information and communication sector, in transport and storage, in the 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 industry recorded growth, namely accommodation.

In the month of December itself, the average nominal monthly wage increased year-on-year in all monitored industries, with a double-digit growth in up to half of them. The most significant growth was registered by the activities of restaurants and catering establishments by 15.1% with an average salary of 724 euros. The lowest is the construction industry with an average salary of 1,064 euros, and also transport, including storage, with an average of 1,415 euros, both of which increased by 7%. Real wages of employees in all monitored industries during December last year were also higher year-on-year. Their growth ranged from 1% in transport and storage to 8.7% in restaurant and hospitality activities.

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