Stats: Average Nominal Salary in Slovakia Up 4.7 percent to €1,643 in 4Q24

Bratislava, March 4 (TASR) - The average nominal monthly salary in Slovakia amounted to €1,643 in the final quarter of 2024, up by 4.7 percent (or €74) year-on-year (y-o-y), the Statistics Office reported on Tuesday. Meanwhile, real salaries rose by 1.6 percent y-o-y. Both nominal and real salaries thus maintained growth for the fifth consecutive quarter, but the pace has been gradually slowing down since last spring. The seasonally adjusted average salary rose by 1.4 percent from the previous quarter. All 19 monitored branches of the economy posted increases in average nominal monthly salaries, ranging from 0.1 percent in the real-estate sector to 10.9 percent in the sector of electricity, gas and steam supplies. When considering inflation, 17 sectors reported real salary increases, while real salaries in the real-estate sector fell by 2.9 percent and those in public administration dropped by 0.6 percent. Employees engaged in 12 sectors earned real monthly salaries higher than the average for the economy as a whole, with the most significant growth being felt by employees in the sector of energy (electricity, gas and steam) supplies, in water management (water supplies) and in the field of arts, entertainment and recreation. Among the sectors with the biggest workforces, salaries in industry performed best in combating inflation during the final quarter of 2024. Nominal monthly salaries in industry grew by 6.3 percent to €1,765, while their real growth reached 3.1 percent, which is more than the average for the Slovak economy as a whole. Trade, the second biggest sector in terms of labour, posted a 4.1-percent increase in nominal salaries, with the average salary in the sector amounting to €1,513. However, its real growth was only 1 percent. The highest average monthly salaries of over €2,700 were seen in the sector of supplies of electricity, gas and steam and in the IT sector. Salaries in nine of the 19 monitored sectors were below the national average. Conversely, the lowest earnings were received by employees in the hospitality sector, with the average monthly salary standing at just €936. This was this only sector in which the average salary failed to exceed the threshold of €1,000. ko/df