Real salaries in Slovakia up 5.6 percent y-o-y in 1Q24

The average nominal monthly salary in Slovakia amounted to €1,447 in the first quarter of this year, up by 9 percent year-on-year (y-o-y), the Statistics Office reported on Tuesday.

Relatively high growth in nominal salaries along with falling inflation meant that real salaries grew for the second consecutive quarter. When adjusted for inflation, real salaries in Slovakia grew by 5.6 percent. They posted more rapid growth in the past 15 years only in the second quarters of 2021 and 2019.

All 19 monitored sectors of the economy posted y-o-y growth in average nominal salaries, and the growth was higher than average in almost two thirds of them. Salary growth ranged between 3.5 percent in scientific and technical activities and 21.4 percent in electricity, gas and steam supplies.

"Salaries in all monitored sectors of the economy managed to resist inflation. Employees in seven sectors, including in electricity, gas and steam supplies, in mining and quarrying, education, and in state and public administration, saw more than 7-percent growth in their real salaries," said the office.

The sector employing the highest number of people in Slovakia, industrial manufacturing, reported 11.5-percent growth in nominal salaries in the first quarter, while real salaries in the sector rose by 8 percent. The second-biggest employer, trade, posted an 8.1-percent increase in nominal salaries and 4.7 percent in real salaries.

Employees engaged in the financial and insurance sector, as well as those in electricity, gas and steam supplies had the highest average nominal salaries of over €2,800 per month. Eleven sectors reported salaries lower than the average salary. Employees in the hospitality sector had the lowest average nominal salary of €834 per month, while those engaged in other activities earned €896. They were the only two sectors in which the average nominal salary failed to reach €1,000.

"Bratislava region with €1,838 was the only region to post monthly salaries higher than the national average. The average salary in the remaining regions ranged between €1,119 in Presov region and €1,334 in Trencin region," said the office.

(TASR)