Wage growth in industry remains high. Entrepreneurs, however, are tense about what the austerity package will bring.

Industrial production, which is the largest employer in the country, recorded the second-highest increase in wages among all the sectors monitored.

Industry is the backbone of our economy and the sector that employs the most people in Slovakia. The importance of this sector was reflected in the second half of this year in rising wages as well. In industrial production, after the field of education, earnings rose at the second-fastest pace, both in nominal and in real terms.

In the case of the average wage, there was indeed a slowdown compared to the strong first quarter, from 10.8 to 9.3 percent, but it is still a solid result. The gross wage of workers in industrial production increased to 1,633 euros, with real wages rising by 7.1 percent.

A tight labour market and concerns about what the government will bring

Industrial sectors such as manufacturing, engineering and the automotive industry have long faced a shortage of skilled workers. According to the Association of Employers' Unions and Associations, this may be the main reason forcing companies to raise wages in order to attract or retain the employees they need.

„The business environment in Slovakia is currently tense as to what measures the government will introduce as part of the consolidation of public finances. Companies are accompanied by growing concerns about the planned changes that could negatively affect their operations. In the coming period, we therefore rather expect a slowdown and caution in wage growth, as we assume that the new consolidation measures will certainly significantly affect employers' budgets as well,“ said the association's press spokesperson Miriam Filová.