Real wages are still 3% below 4Q21 level
In Slovakia and Czechia, real wages were 3% below 4Q21 level at the end of last year, while in Hungary and Poland they were 13% higher, the Financial Policy Institute calculated. In Hungary, both minimum wage and civil servants' salaries have increased significantly, while Poland is enjoying a strong post-pandemic economic recovery. Slovak minimum wage growth has been relatively modest. One consequence is that in both Slovakia and Czechia, the wage share of GDP has fallen relative to 2021, while in Hungary and Poland it has risen.
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