Olan McEvoy
Research expert covering the European Union for society, economy, and politics.
Get in touch with us nowNominal wage and salary growth in the European Union and Euro area 2009-2023
Nominal wage growth in both the European Union and the Euro currency area (comprising 20 of the 27 EU members) reached a record high in the fourth quarter of 22, when wages increased by 5.7 and 5.4 percent respectively. This wage growth was subsequently bested in quarter three of 2023 for the EU as a whole, when nominal wages increased by 5.8 percent. Nominal wage growth is the increase in wages compared to the same period the previous year in nominal values - i.e. in monetary values unadjusted for inflation. As inflation in Europe increase faster than nominal wages during this period, this in fact meant that real wages (increases adjusted for inflation) fell.
