The monthly wage in Slovakia has been decreasing in real terms for the third quarter, it was depreciated by high inflation by 4% in the 3rd quarter

Even double-digit increases in average gross wages in some sectors could not compensate for the record price increases. The real wage decreased year-on-year in all 19 monitored sectors of the SR economy.

The average nominal monthly wage of an employee in the SR economy during the 3rd quarter of 2022 increased by 9.4% year-on-year to EUR 1 296. Despite relatively fast growth, this dynamic was not enough to exceed the rate of inflation, and the average wage dropped by 4% year-on-year in real terms. This decrease was approximately at the level of the previous quarter, when real wages dropped by 4.5%. The current value is the second highest in the last 22 years. Seasonally adjusted average wages increased by 2.4% compared to the 2nd quarter of 2022.

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In the structure of the economy, all 19 monitored sectors of the economy recorded a year-on-year growth in the average nominal wage, but in none of them was the growth sufficient to compensate for 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%. Only minimally (up to 0.5%) the real wages of those employed in arts, entertainment and recreation dropped, and mainly due to the extraordinary remuneration paid to public service employees and civil servants in the public administration or in the education sector.

In the majority, a total of 11 sectors, the wage was lower than the average for the entire SR economy. Employees in accommodation and catering services (EUR 842) and in other activities (EUR 916) continued to have the lowest average nominal wages. These sectors also had a higher decline in real wages than the average of the entire economy. In the sector most affected by the corona crisis – accommodation and food services, the real wage dropped by up to 7.5%, in other activities by 4.5%.

Even the sectors employing the most people in Slovakia, trade and industry, recorded higher real wage declines than the Slovak average. In industry, average wages rose nominally by 8.6% to the level of EUR 1 345, the real decrease was thus 4.7%. In the trade sector, average wages rose by 8.3% in nominal terms (to EUR 1 226), real wages dropped by 4.9%.

Only employees in information and communication (EUR 2 185) and in financial and insurance activities (EUR 2 069) had an average monthly salary above EUR 2 000.

From a territorial perspective, the average nominal monthly wage was higher than the average for the entire SR economy only in Bratislavský kraj (EUR 1 548). The average gross wage exceeded one thousand EUR in all eight regions of Slovakia and ranged from EUR 1 029 in Prešovský kraj to EUR 1 248 in Trnavský kraj. In all regions, the average wage was higher than in the 3rd quarter of 2021, with the highest relative increase by 12.7% in Banskobystricky kraj and 11.5% in Nitriansky kraj. However, real wages dropped in all regions, the most in Bratislavský kraj (by 4.9%) and the least in Banskobystrický kraj (by 1.1%).

In summary, for the 1st to 3rd quarter of 2022, the average nominal monthly wage of an employee in the SR economy reached EUR 1 266. It increased by 8.2% year-on-year, its growth rate accelerated by 1.4 p.p. compared to the corresponding period last year. The real wage dropped by 3.3%. Only one industry was able to withstand the pace of inflation, namely arts, entertainment and recreation.