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September 4, 2018 12:00 am | FILED UNDER: business

Wages Grow 8% In 2nd Quarter

By ČTK

Prague, Sept 4 (CTK) – The Czech Republic’s average gross monthly wage rose annually by 8.6 percent to Kc31,851 in the second quarter of this year, and adjusted for inflation, wages grew by 6.2 percent, the Czech Statistical Office (CSU) said today.

 

The median wage went up by 9.4 percent to Kc27,236.

 

The average wage hit a record, according to analysts.

 

The average Czech wage rose to Kc31,661 in the last quarter of 2017, exceeding Kc30,000 for the first time.

 

In Q1 2018, it added 8.6 percent year-on-year to Kc30,267, according to revised data. The annual growth rate is steady this year.

 

“In Q2, wages increased in all the segments, without exception, by more than 6 percent,” CSU head of labour market statistics department Dalibor Holy said.

 

Wages in arts, entertainment and recreation increased the most, adding 13.1 percent, Holy said.

 

The Central Bohemia Region reported the largest wage growth among Czech regions, he added.

 

In quarterly comparison, the average wage adjusted for seasonal effects rose by 2 percent.

 

In the entire first half of this year, the average wage increased by Kc2,450 to Kc31,062, adding 6.4 percent in real terms.

 

Wages exceeded market expectations in Q2, Cyrrus company chief economist Lukas Kovanda said.

 

There will be a new record by the end of this year, as the average monthly wage should exceed Kc34,000 in the last quarter, Kovanda said.

 

The average wage in the Czech Republic has been increasing since the beginning of 2014, mainly thanks to a positive economic development and a lack of workforce pushing wages up.

 

However, two thirds of employees earn less that the average wage.

 

In Q2, men’s median wage was Kc29,782, while women’s was Kc24,514.

 

Wages of 80 percent of employees were roughly between Kc12,725 and Kc51,576.

 

The highest average wage is in financial and insurance activities where it reached Kc58,594, with information and communication activities reporting wages that are roughly Kc4,000 lower.

 

There was no other segment with average wages higher than Kc50,000.

 

The lowest wages are registered in accommodation and food service activities, with the average wage at Kc18,982.

 

Average gross monthly wage in Czech Republic’s regions in Q2:

 

wage (Kc)

growth (pct)

Czech average

31,851

8.6

Prague

39,688

6.9

Central Bohemia

33,873

10.7

South Bohemia

28,570

8.5

Plzen

30,542

7.4

Karlovy Vary

27,741

8.3

Usti

29,255

9.0

Liberec

29,711

9.1

Hradec Kralove

29,985

10.2

Pardubice

28,373

8.3

Vysocina

29,274

9.0

South Moravia

30,470

8.6

Olomouc

28,418

9.0

Zlin

28,172

8.8

Moravia-Silesia

28,585

8.0

Source: CSU

Average wages in Q2 2016 – Q2 2018:

 

average gross monthly wage (Kc)

annual nominal wage growth (pct)

annual real wage growth (pct)

Q2 2016

27,452

4.0

3.8

Q3 2016

27,396

4.7

4.2

Q4 2016

29,491

4.4

3.0

Q1 2017

27,880

4.5

2.1

Q2 2017

29,335

6.9

4.6

Q3 2017

29,058

6.1

3.5

Q4 2017

31,661

7.4

4.7

Q1 2018

30,267

8.6

6.6

Q2 2018

31,851

8.6

6.2

Source: CSU

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