Saturday, 15 March 2025
In 2024, the average monthly wage in Slovakia increased faster than inflation, marking a real wage growth of 3.7% for the first time in two years. The average nominal monthly wage for the year reached EUR 1,524, reflecting a 6.6% year-on-year increase. This growth was supported by a combination of lower inflation, which dropped to 2.8%, and continued wage increases across most sectors of the economy.
Throughout the year, wages maintained both nominal and real growth, though the pace of increase gradually slowed. By the fourth quarter of 2024, the average nominal monthly wage stood at EUR 1,643, up 4.7% from the previous year, with a real growth of 1.6% after adjusting for inflation. Seasonally adjusted wages also increased by 1.4% compared to the third quarter of 2024.
Despite the overall positive trend, two of Slovakia’s 19 monitored sectors saw wages fall behind inflation by the end of the year. The real estate sector recorded a 2.9% decline in real wages, while public administration saw a 0.6% drop. However, 17 sectors posted real wage growth, with the electricity, gas, and steam supply sector seeing the highest increase of 10.9% in nominal terms.
Wage Trends Across Key Sectors
Industry, which employs the largest number of Slovak workers, recorded its highest real wage growth in a decade. In the fourth quarter, wages in industry rose by 6.3% to EUR 1,765, translating to 3.1% real growth, exceeding the national average. Trade, the second-largest sector by employment, saw nominal wage growth of 4.1%, bringing the sector’s average wage to EUR 1,513, though real growth remained lower at 1%.
The highest average monthly earnings—exceeding EUR 2,700—were recorded in the electricity, gas, and steam supply sector, as well as in information and communication. In contrast, nine of the 19 monitored sectors had wages below the national average. The lowest wages were found in accommodation and food services, where the average salary was EUR 936, making it the only sector that has yet to surpass the EUR 1,000 threshold.
Regional Disparities Persist
From a regional perspective, Bratislavský kraj remained the only region with above-average wages, reaching EUR 1,975 in the fourth quarter. Other regions saw wages ranging from EUR 1,320 in Prešovský kraj to EUR 1,566 in Trenčiansky kraj. While all eight regions experienced nominal wage growth, only Nitriansky kraj recorded a decline in real wages, down 0.4%. The highest wage growth was reported in Banskobystrický kraj, where nominal wages increased by 6.3%.
For the full year, Bratislavský kraj continued to lead in wages, with an average salary of EUR 1,858. Other regions reported average wages ranging from EUR 1,195 in Prešovský kraj to EUR 1,419 in Trenčiansky kraj. All regions saw real wage growth in 2024, with Banskobystrický kraj again recording the most significant increase—8.1% in nominal terms and 5.2% in real terms.
Wages by Company Size
The largest wage increases were observed in large enterprises, where wages are often determined by collective agreements. Companies with 500 to 999 employees saw wages rise by 9.8% to EUR 1,885, with real growth at 6.8%. Companies with 1,000 or more employees reported an 8.2% increase in nominal wages, reaching EUR 2,121, translating to 5.3% real growth.
Outlook for the Labor Market
The rise in wages across Slovakia in 2024 was driven by a combination of factors, including lower inflation, sustained labor market demand, and adjustments in various sectors to retain workers. While most industries saw wages keep pace with or exceed inflation, the slowdown in wage growth toward the end of the year indicates that future increases may be more moderate.
The disparities between higher wages in urban centers, particularly Bratislava, and lower wages in other regions remain a challenge, though steady wage increases suggest some narrowing of the gap over time. If inflation remains controlled, real wage growth could continue in 2025, providing greater purchasing power for Slovak workers.
Source: Statistical Office of the SR
