Czech Average Wage Increased by 4.7% in Real Terms in Fourth Quarter of 2018
The Czech Statistical Office (CZSO) reported that an increase of nearly 5 percent in real terms was observed at the last quarter of 2018. In terms of the year 2018 as a whole, the average wage reached CZK 31,885. Photo credit: Freepik.
Brno, Mar 8 (BD) – Reported by the CZSO, the fourth quarter of 2018 showed that the average gross monthly nominal wage of a full-time employee was CZK 33,840. This is higher by CZK 2,179 in comparison to the fourth quarter of 2017, by 6.9%. However, the fourth quarter is usually better for employees in terms of wages, as the end of the year signifies the collection of the yearly bonus or benefits.
The fourth quarter of 2018 also showed a rise in consumer prices, with an increase by 2.1% – indicating that there was an increase of 4.7% in real terms. The overall wage volume grew by 7.9%, while the number of employees in the Czech economy escalated by almost 1%.
Compared to the previous quarter, the seasonally adjusted average wage in Q4 2018 increased by 1.5%.
The median wage – which is a better indicator than average salary, as it shows what people are most likely receive in terms of compensation – was CZK 29,247. This shows a growth of 7.1%, compared to the same quarter of the year 2017. The male median wage reached CZK 31,910, while the female median wage was CZK 26,490.
All in all, the average wage of the year 2018 reached CZK 31,885 and its increment was CZK 2,390 (8.1%), compared year-on-year. Consumer prices grew by 2.1% and thus wages increased by 5.9% in real terms.
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