Key Highlights :
The European Union (EU) and the euro area have seen an increase in the average hourly wages and salaries in the whole economy in 2022. According to the latest estimates, the average hourly wages and salaries in the whole economy were estimated to be €22.9 in the EU and €25.5 in the euro area. Compared with 2021, they increased by 4.4% in the EU and by 4.0% in the euro area.
Within the euro area, hourly wages and salaries grew among all members. They increased the least in Italy, Malta and Finland (+2.3% each) and the most in Lithuania (+13.4%), Estonia (+8.8%) and Croatia (+8.7%). For EU countries outside the euro area, the hourly wages and salaries expressed in national currency also increased in all countries. They increased the least in Denmark (+2.2%) and Sweden (+3.0%) and the most in Hungary (+16.4%), Bulgaria (+15.5%), Romania (+12.3%) and Poland (+11.7%).
In 2022, compared with 2021, hourly wages and salaries in the euro area rose by 2.9% in the (mainly) non-business economy and by 4.4% in the business economy: +3.9% in industry, +4.9% in construction and +4.5% in services. In the EU, hourly wages and salaries grew by 3.2% in the (mainly) non-business economy and by 4.9% in the business economy: +4.6% in industry, +5.2% in construction and +5.0% in services.
The economic activities that recorded the highest annual increases in hourly wages and salaries in 2022 were NACE Rev. 2 section B – ‘Mining and quarrying’ (+9.6%), followed by NACE Rev. 2 sections M – ‘Professional, scientific and technical activities’ (+6.4%), D – ‘Electricity, gas, steam and air conditioning supply’ and K – ‘Financial and insurance activities’ (both +5.6%).
The increase in wages and salaries in the EU and the euro area in 2022 is a major boost to the region's economy. The rise in wages and salaries provides more disposable income to consumers, which in turn gives them more money to spend on goods and services. This stimulates the economy and creates more jobs, which further boosts wages and salaries.
Moreover, the increase in wages and salaries in the EU and the euro area in 2022 is a sign of the region's economic recovery from the coronavirus pandemic. The pandemic had a devastating impact on the region's economy, with many businesses and industries forced to close or reduce their operations. The rise in wages and salaries in the region is a positive sign that the economy is on the road to recovery.
The increase in wages and salaries in the EU and the euro area in 2022 is also a sign of the region's commitment to investing in its workforce. By increasing wages and salaries, the region is sending a clear signal to businesses and industries that it is committed to creating a more equitable and prosperous economy. This commitment to investing in its workforce will help the region to attract more businesses and industries, which will further stimulate economic growth and job creation.
Overall, the increase in wages and salaries in the EU and the euro area in 2022 is a positive sign for the region's economy. The rise in wages and salaries provides more disposable income to consumers, which in turn gives them more money to spend on goods and services. This stimulates the economy and creates more jobs, which further boosts wages and salaries. Moreover, the increase in wages and salaries is a sign of the region's commitment to investing in its workforce, which will help to attract more businesses and industries and further stimulate economic growth and job creation.