Tue, May 22 2012

Slovakia: Real income falls in 2011

Thu, Feb 23 2012 11:10 CET

byJana Liptáková - The Slovak Spectator

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Slovakia: Real income falls in 2011

Photo: Reuters

There was no extra spending power for most workers in 2011 as inflation ate away at nominal wage increases. The outlook for 2012 is for tamer inflation but since the Slovak economy is not expected to generate many new jobs the high level of unemployment and employers’ concerns about another economic crisis will put a brake on wage growth.

The nominal average monthly wage in Slovakia for the third quarter of 2011 was 769 euro, an increase of 2.5 percent from the third quarter of 2010, according to a report from the Slovak Statistics Office released in early December 2011. This was one of the smallest annual increases in nominal wages since Slovakia became independent, with smaller annual wage-growth reported only at the turn of 2009 and 2010.

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