The real average wages in Slovakia increased 4.6 percent from a year earlier in the first quarter of 2019, accelerating from a 3.5 percent rise in the previous three-month period. It was the highest gain in wages since the last quarter of 2015. The average nominal monthly wage jumped 7.1 percent year-on-year to EUR 1,023. The highest level of the average monthly wage was registered in the sector of financial and insurance activities (EUR 2,021); information & communication (EUR 1,886); and in electricity, gas & steam supply (EUR 1,817); while the lowest was recorded in accommodation & food service activities (EUR 572); other service activities (EUR 639) and in construction (EUR 707). Wage Growth in Slovakia averaged 1.35 percent from 1991 until 2019, 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.
Wage Growth in Slovakia is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in Slovakia to stand at 3.60 in 12 months time. In the long-term, the Slovakia Real Wage Growth is projected to trend around 3.30 percent in 2020, according to our econometric models.