Hourly wages in the euro area in the third quarter of 2024 increased by an average of 4.4% compared to the same period in 2023, according to the European Union Statistical Office (Eurostat).
The indicator grew for the 13th quarter in a row, but the rate of growth in July-September was the lowest since the beginning of the year.
According to the revised data, wages rose by 4.9% in the second quarter, not 4.5% as previously announced.
Among the largest countries of the bloc, the slowdown in wage growth in the third quarter was recorded in Germany (to 4% from 5.7% in the second quarter) and France (to 2.7% from 3.3%), and acceleration – in Spain (to 4.7% from 3.9%) and Italy (to 5.2% from 4.2%).
In the EU, hourly wages in the third quarter increased by 5% on average compared to the same period last year. This is also the weakest growth since the beginning of the year: wage growth in the second quarter was 5.5%, and in the first quarter – 5.6%.
The strongest growth in hourly wages was recorded in Romania (17.1%), Croatia (15.1%) and Hungary (14.1%).
