CEE: Real Wages and Salaries Growth Forecasts, by country
CountryYoY change,
in %
BulgariaBulgaria5.3
HungaryHungary4.8
LithuaniaLithuania4.4
LatviaLatvia4.0
RomaniaRomania2.9
CzechiaCzechia2.7
EstoniaEstonia2.6
PolandPoland2.4
SlovakiaSlovakia2.3
SloveniaSlovenia2.0
CroatiaCroatia1.8
  • Region: Central and Eastern Europe
  • Time period: 2024
  • Published: Nov 2023

Data Analysis and Insights

Updated: Apr 12, 2024 | Published by: Statistico | About Us / Data / Analysis

Bulgaria Leads in Wage Growth

Bulgaria tops the list with the highest forecasted real wages and salaries growth in the CEE region at 5.3%. This rate signifies the strongest economic performance in terms of labor income among the surveyed countries.

Three Countries with Growth Below 3%

Croatia, Slovenia, and Slovakia exhibit the lowest growth rates in the region, with forecasts at 1.8%, 2.0%, and 2.3% respectively. These figures highlight a more modest economic outlook compared to their CEE counterparts.

Middle Group Dynamics

A mid-tier group, consisting of Poland, Estonia, and Czechia, shows growth rates ranging from 2.4% to 2.7%. These countries demonstrate moderate economic vitality, positioned between the leading and lagging economies within the region.

Comparing Baltic States

Among the Baltic States, Lithuania leads with a projected wage growth of 4.4%, followed by Latvia at 4.0%, and Estonia with the lowest at 2.6%. This variance underscores differing economic conditions and labor market performances across the Baltics.

Hungary's Position in the CEE Landscape

Hungary stands out with a significant forecasted growth rate of 4.8%, placing it as the second-highest among the CEE countries. This figure suggests robust economic momentum and labor market resilience.

Analysis of Growth Rates Distribution

The spread of growth rates from the highest (5.3% in Bulgaria) to the lowest (1.8% in Croatia) reveals a diverse economic landscape in the CEE region, with a range of 3.5 percentage points. This spread illustrates varying degrees of economic health and labor market performance across the region.

Frequently Asked Questions

Which country leads in forecasted real wages and salaries growth in the CEE region?

Bulgaria leads, with an expected growth rate of 5.3%.

What are the growth rates for the countries performing comparably lower in the CEE region?

Croatia, Slovenia, and Slovakia show lower wage growth rates of 1.8%, 2.0%, and 2.3% respectively.

What does the spread of growth rates across different countries in the CEE region illustrate?

The spread of growth rates, from 5.3% (highest) in Bulgaria to 1.8% (lowest) in Croatia, shows a range of 3.5 percentage points, indicating varying degrees of economic health and labor market performance across the CEE region.

Terms and Definitions

Central and Eastern Europe (CEE) is a term typically used to describe the various countries, specifically in the Eastern part of Europe, often developing economies. These generally include countries that were once under the influence of the Soviet Union.

These are wages of an individual or a group, such as workers in a certain industry or company, adjusted for inflation. It shows the purchasing power of the wage i.e., the actual goods and services it can buy, rather than its nominal value.

A fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salaries are usually expressed in annual terms but are paid in monthly or bi-weekly installments.

These are predictive statements about future changes in factors such as the economy, a company's earnings, or other measurable data. They are often generated using statistical techniques and models.

Economic indicators are statistics that convey information about economic activities and performance. They are used by analysts and policymakers to assess a country's economic health and to make economic forecasts. Examples include unemployment rates, inflation rates, and wage growth.

This represents the quantity of goods or services that one unit of a given currency can buy. Rising real wages mean that workers' earnings have risen faster than inflation, increasing their purchasing power.

This is the rate at which the general level of prices for goods and services is rising and subsequently, purchasing power is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.

This is a branch of economics that studies the behavior and performance of an economy as a whole. Macroeconomics focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.
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