Average wages for Portuguese workers rose 2.4% in real terms in the quarter ended September, as inflation slowed.
In absolute terms, according to the National Institute of Statistics (INE), the average salary increased by 5.9%, to 1,438 euros, which is synonymous with a slowdown in growth rates.
“The average gross wages per employee increased by 5.9%, to 1,438 euros, in the quarter ended September compared to the same period in 2022,” INE highlights in a statistical note. Now, in the second quarter, average wages rose 6.9%, meaning there was a decline from July to September.
On the other hand, the Institute of Statistics indicates that the regular component, excluding Christmas and holiday bonuses and therefore less seasonal, and the basic component of the average salary increased by 6.2% and 6.6%, amounting to 1216 euros and 1145 euros. respectively. Also in this case, there was a slowdown compared to the changes recorded in the second quarter.
Regarding the impact of inflation on the Portuguese portfolio, INE states that in real terms the average monthly gross salary increased by 2.4%, with the regular component increasing by 2.6% and the basic component by 3%.
“This is the fifth month in a row that real wage growth has been recorded since November 2021,” INE highlights. However, compared with the quarter ending June 2023, there was a slowdown in real wages (from 2.6% to 2.4%).
In terms of differences between sectors and employers of different sizes, the Bureau of Statistics reports that the largest increases were in the “extractive industries” (9.5%), businesses with one to four employees (7.1%), and the private sector (7. 1%). 6.3%) and in companies of “knowledge-intensive market services” (9.0%).
Source: The Portugal News