Nominal wages in the country rose by an average of 1.7% in 2023, the Federal Statistical Office (FSO) announced on Thursday. An increase of 1.8% had previously been forecast.
For many workers, however, the wage increases were eaten up by inflation. Taking into account average annual inflation of 2.1%, real wages fell by 0.4% on average, according to the FSO.
Wages rose by 0.9% in nominal terms in 2022 but dropped sharply, by 1.9%, in real terms, mainly due to an inflation rate of 2.8%.
The FSO estimates nominal wage growth on a quarterly basis. The figure is based on cumulative data on gross wage growth, and includes 13th-month salary payments. The figure can change with subsequent estimates.
Adapted from German by DeepL/kp
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