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Real monthly earnings decline for first time in 7 years in 2022

09:09 - 03 October 2023

Economy

Real monthly gross earnings registered an annual drop in 2022 for the first time in seven years, showing the effect of inflation on real incomes.

Cystat said that employees’ average gross monthly earnings for 2022 were €2,202, marking, in monetary terms, an increase of 7.1% year on year.

However, in real terms, and taking into account the Consumer Price Index, average gross monthly earnings have decreased by 1.2%, in the country’s first annual drop since 2014.

Median gross monthly earnings reached €1,701 in 2022, from €1,606 the year before.

The average gross monthly earnings by sector of economic activity range from €918 in the Agriculture, Hunting and Forestry sector to €4,011 in the Financial and Insurance Activities sector.

Employees who received between €1,000 and €1,249 accounted for the largest share with 15.4%.

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