Czech wages rises 8.5 percent in third quarter

Prague led the country with an average monthly wage of Kč 39,371

The average gross monthly nominal wage for a full-time equivalent (FTE) employee in the Czech economy in the third quarter of 2018 increased by 8.5 percent compared to the same period of the previous year, according to the Czech Statistical Office (ČSÚ).

The average gross monthly nominal wage was Kč 31,516, some Kč 2,458 or 8.5 percent more than in the same period of 2017.

Consumer prices in the same time period grew by 2.4 percent, so wages increased by 6 percent in real terms. The wage volume grew by 9.7 percent and the number of employees increased by 1.2 percent.

Compared to the previous quarter, the seasonally adjusted average wage in Q3 2018 increased by 2.0 percent.

Prague has the highest average gross monthly nominal wage in Q3 2018, at Kč 39,371, up 7.4 percent from the same time last year. The average wage in Central Bohemia was Kč 31,890, up 9.3 percent.

The South Moravia region, which includes Brno, had an average wage of Kč 30,099, up 8.6 percent.

All other regions had an average wage under Kč 30,000. The lowest wages were in the Karlovy Vary region, at Kč 27,437.

The median wage for the Czech Republic was Kč 27,719 and increased by 9.8 percent compared to the same period of the previous year. The median wage for men reached Kč 29,842, while for women it was Kč 25,206. Some 80 percent of employees earned wages between Kč 14,221 to Kč 49,376.

From the first quarter to the third quarter of 2018, the average wage reached Kč 31,225 and its increase was Kč 2,463 or 8.6 percent year-on-year. In the same period, consumer prices grew by 2.2 percent and wages increased by 6.3 percent in real terms, according to the ČSÚ.

Growth is expected to slow down next year. The growth has been driven by low unemployment, with employers having to offer higher wages to attract qualified people. The slowdown will be caused by jobs in many sectors remaining vacant.

The Czech Republic has the lowest unemployment in the EU. The unemployment rate in October 2018 was 2.1 percent, according to the ČSÚ.

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