Nominal wage and salary growth in the European Union and Euro area 2009-2024
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 5.6 and 5.5 percent respectively. This trend continued during 2023, with a wage increase of 5.5 and 5.1 percent during the third quarter of 23. 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.
