Wages in Slovakia decreased 7.60 percent in December of 2022 over the same month in the previous year. source: Statistical Office of the Slovak Republic

Wage Growth in Slovakia averaged 1.39 percent from 1991 until 2022, reaching an all time high of 14.70 percent in the third quarter of 1992 and a record low of -33.10 percent in the first quarter of 1991. This page provides - Slovakia Real Wage Growth- actual values, historical data, forecast, chart, statistics, economic calendar and news. Slovakia Real Wage Growth - data, historical chart, forecasts and calendar of releases - was last updated on March of 2023.

Wage Growth in Slovakia is expected to be -3.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Slovakia Real Wage Growth is projected to trend around 1.70 percent in 2024 and 2.30 percent in 2025, according to our econometric models.

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Slovakia Real Wage Growth

Calendar GMT Actual Previous Consensus TEForecast
2022-12-02 08:00 AM Q3 -4% -4.5% -3.8%
2023-03-03 08:00 AM Q4 -7.6% -4% -4.8%
2023-06-05 07:00 AM Q1 -7.6% -3.6%

Related Last Previous Unit Reference
Employed Persons 2623.20 2615.90 Thousand Dec 2022
Labor Force Participation Rate 94.00 94.00 percent Dec 2022
Wages 1393.00 1449.00 EUR/Month Jan 2023
Wages in Manufacturing 1369.00 1417.00 EUR/Month Jan 2023
Population 5.43 5.46 Million Dec 2022
Wage Growth -7.60 -4.00 percent Dec 2022

News Stream
Slovakia Real Wages Fall the Most Since 2000
The real wage in Slovakia shrank 7.6 percent year-on-year in the fourth quarter of 2022, following a 4 percent drop in the previous period, and pointing to the sharpest fall since the second quarter of 2000. The growth of the average nominal monthly wages eased to 6.5 percent from a year earlier to EUR 1,418, amid increases in average nominal wages in most of monitored sectors of the economy. Employees in construction and in accommodation and food service activities felt the most significant drop in real wages at the level of 14-15 percent. Also, employees in real estate dropped marginally (up to 1.5 percent). For 2022, the real wages slipped 4.5 percent, while the average nominal monthly wage climbed 7.7 percent to EUR 1,304, compared to 2021.
Slovakia Real Wages Drop 4% in Q3
The real wage in Slovakia declined 4 percent year-on-year in the third quarter of 2022, after a 4.5 percent fall in the previous period. The growth of the average nominal monthly wages accelerated to 9.4 percent year-on-year to EUR 1,296, while the average inflation hit 13.9 percent. All monitored sectors of the economy recorded growth in the average nominal wage, but none of them increased enough to compensate for the high inflation. Employees in real estate, administrative services, and mining and quarrying felt the most significant drop in real wages at the level of 8-9 percent. Considering the first three quarters of 2022, the real wage fell by 3.3% and the average nominal monthly wage jumped 8.2% to EUR 1,266, compared to the same period a year earlier.
Slovakia Real Wage Fell for First Time Since 2020
The average nominal monthly wage in Slovakia grew by 7.80 percent year on year to EUR 1212 in the first quarter of 2022. All-time high inflation ate all nominal wage growth in the first months of the year so that real wages fell by only 1.4 percent, the worst print since the second quarter of 2020 when the real wage dropped due to the COVID-19 lockdown measures. Inflation in 11 sectors of 19 of the economy outpaced nominal wage advancement. Real wages continued to grow in trade, financial activities, entertainment, and recreation services.