Salary dynamics: 2022–2026 in Slovakia
"Salaries are growing" is a phrase from the news that almost always means nominal growth. If you subtract inflation, the picture of recent years looks different: in 2022 and 2023, real salaries fell, and a turnaround only occurred in 2024.
The series below is constructed correctly: all points are taken from the same publication and compare Q1 to Q1. This is not a formality – statistics update old values retroactively, so a graph compiled from press releases from different years would compare different versions of the same data.
Q1 vs Q1
ŠÚ SR · grossWe compare Q1 with Q1 and use the entire series from one ŠÚ SR publication: the statistics office updates old values retroactively, so a graph compiled from press releases from different years would be comparing incomparable things. The main thing visible from this series: in 2022 and 2023, salaries actually fell – inflation ate up nominal growth. A turnaround only happened in 2024.
Frequently asked questions
Why compare quarters, not years?+
Because full annual data for the current year is not yet available – only the first quarter is. A year-over-year comparison would have to stop at the previous year, and the most recent data would simply not be included in the picture.
Quarter-to-quarter of the same number is a correct comparison: it removes seasonality (different bonuses and vacations in different quarters) and allows for the inclusion of the current year.