{"id":2048291,"date":"2026-07-17T04:48:00","date_gmt":"2026-07-17T01:48:00","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2048291"},"modified":"2026-07-17T04:48:00","modified_gmt":"2026-07-17T01:48:00","slug":"real-wages-are-still-below-2021-levels-in-a-third-of-european-countries-analysed","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2048291","title":{"rendered":"Real wages are still below 2021 levels in a third of European countries analysed"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/84\/02\/67\/1200x675_cmsv2_14005598-d579-5cef-be0a-9f3047de33a1-9840267.jpg&#8221;]<\/p>\n<article id=\"abe-2908624-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2908624\" data-cid=\"9838628\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908624-label-pos1-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/22\/13\/189x106_cmsv2_ef869aea-2681-53cc-8b62-0be9af67ea3b-9832213.jpg\" loading=\"lazy\" alt=\"Athens Photography Festival\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Culture news<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Athens Photo Festival: A polyphonic celebration of photography\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2910646-pos2-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2910646\" data-cid=\"9842086\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910646-label-pos2-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/20\/86\/189x106_cmsv2_820f1562-b408-5105-b7f7-eb9eb5497c24-9842086.jpg\" loading=\"lazy\" alt=\"FILE - FILE - A person uses a smart phone in Chicago, Sept. 16, 2017. 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(AP Photo, File)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Tech News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Your phone is destroying your thumbs \u2014 and here&#8217;s how to stop it\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2910594-pos3-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2910594\" data-cid=\"9841743\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910594-label-pos3-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/17\/43\/189x106_cmsv2_a2128fc3-f088-5315-8552-eff4417b1f87-9841743.jpg\" loading=\"lazy\" alt=\"Hungarian Prime Minister P\u00e9ter Magyar in the parliament building in Budapest\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Rule of Law in Hungary shows \u2018radical change\u2019 under Magyar, EU says\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2910652-pos4-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2910652\" data-cid=\"9842153\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910652-label-pos4-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/21\/53\/189x106_cmsv2_4ceba52a-6f06-5d33-8c06-70b4aad1d62f-9842153.jpg\" loading=\"lazy\" alt=\"Oscar-winning actress Brenda Fricker dies aged 81 \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Culture news<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Oscar-winning Irish actress Brenda Fricker dies aged 81\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Business<\/p>\n<p>                          Economy<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            Real wages are still below 2021 levels in a third of European countries analysed<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-sponsored=\"Partner content\"><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/02\/67\/1536x864_cmsv2_14005598-d579-5cef-be0a-9f3047de33a1-9840267.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"Real wages in Europe.\"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              Real wages in Europe.<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">Copyright 2020 The Associated Press. All rights reserved<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0Copyright 2020 The Associated Press. All rights reserved\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspServet Yanatma\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1784263680\">\n         Published on<br \/>\n            <time datetime=\"2026-07-17 06:48:00 +02:00\">17\/07\/2026 &#8211; 6:48 GMT+2<\/time><\/div>\n<\/div>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div 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height=\"24\" alt=\"threads\" loading=\"lazy\"><span>Threads<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"48\" height=\"48\" alt=\"threads\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        Real wages fell by almost 2% in the eurozone between early 2021 and early 2026, but the impact on workers\u2019 purchasing power varied sharply across Europe. Euronews Business examines where wages gained and lost the most \u2014 and why.<br \/>\n    <\/h2>\n<div class=\"c-article-content c-article-content--business js-article-content\">\n<p>COVID-19, Russia\u2019s invasion of Ukraine, soaring energy prices, record inflation, and other factors have all put pressure on wages across Europe. Rising living costs have hit millions of European households hard. <\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>Real wages, which take inflation into account, fell in a third of the European countries analysed over the five years to early 2026.<\/p>\n<p>So, which countries saw the biggest real wage declines between the first quarters of 2021 and 2026? And where did real wages rise most? Why did some countries emerge as outliers in real wage growth while the euro area overall saw a decline?<\/p>\n<p>According to the OECD Employment Outlook 2026, which covers 27 European countries but not all EU members, real wages declined in nine countries cumulatively between the first quarters of 2021 and 2026.<\/p>\n<h2>Impact of <strong>the 2022\u20132023<\/strong> cost-of-living crisis<\/h2>\n<p>\u201cReal wages were still affected by the cost-of-living crisis of 2022-2023 even in Q1 2026,\u201d Andrea Bassanini, editor of the OECD Employment Outlook, told Euronews Business. <\/p>\n<p>\u201cAs sectoral collective agreement renewals do not take place every year and are usually staggered, negotiated wages have taken much time to recover, and did not do it completely.\u201d<\/p>\n<p>He also pointed out that statutory minimum wages had largely kept pace with prices.<\/p>\n<div class=\"c-widget-related\" data-stories-id data-event=\"widget_related\">\n<div class=\"c-widget-related__title\"><b class=\"c-widget-related__title__text\" lang=\"en\">Related<\/b><\/div>\n<ul class=\"c-widget-related__list\">\n<li class=\"c-widget-related__item\">France adds a new millionaire every 15 minutes. How does Europe compare?<\/li>\n<li class=\"c-widget-related__item\">Europe&#8217;s ultra-rich: Which countries are adding the most $30m+ millionaires?<\/li>\n<\/ul>\n<\/div>\n<h2>Real wages fell by <strong>more than<\/strong> 6% in Italy<\/h2>\n<p>Italy saw the largest decline, with real wages falling by 6.1%. Ronald Janssen, former chief economist at the European Trade Union Confederation (ETUC) and the Trade Union Advisory Committee (TUAC), stated that employers systematically delaying new agreements and the weakening bargaining position of trade unions contributed to the real wage decline in Italy.<\/p>\n<p>Michele Bavaro, an economist at Italy\u2019s Scuola Normale Superiore, said Italy\u2019s historically long delays in renewing contracts slowed the recovery in nominal wages following a rise in inflation.<\/p>\n<p>Richard Grieveson and Meryem G\u00f6kten from the Vienna Institute for International Economic Studies (wiiw) also pointed to weak productivity, subdued economic growth, and relatively slow nominal wage adjustment in Italy.<\/p>\n<p>Czechia and Sweden recorded declines of 5.8% and 4.8%, respectively. Real wages fell by 2.1% in Denmark and 2% in Spain. Across the eurozone, they declined by 1.8% over this period.<\/p>\n<p>Slovakia, Finland, Ireland, and Switzerland also saw slight declines of between 0.7% and 1.4%.<\/p>\n<h2>Acceleration of inflation and job insecurity concerns<\/h2>\n<p>Ronald Janssen pointed to the acceleration of inflation in 2021-2022 in the eurozone.<\/p>\n<p>\u201cWhile subsequent collective bargaining rounds in the years following the great inflation outbreak tried to restore the purchasing power of wages, workers and trade unions saw their bargaining power hampered by the job insecurity concerns resulting from several years of stagnating economic growth, fears of de-industrialisation because of Chinese competition and a US-led tariff war undermining access to a major European export market,\u201d he told Euronews Business.<\/p>\n<p>In Belgium, real wages remained unchanged, while France and Estonia recorded marginal increases of just 0.1%.<\/p>\n<h2>Turkey: A significant outlier<\/h2>\n<p>Turkey stands out as the most significant outlier, recording the highest real wage growth at 78.6% despite an inflation rate of 32% in mid-2026. <\/p>\n<p>\u201cTurkey&#8217;s 79% real wage increase is arithmetically correct but overstates the increase in living standards,\u201d Grieveson and G\u00f6kten told Euronews Business.<\/p>\n<p>\u201cReal wages started from a low level in 2021, still depressed after the 2018 currency crisis, so part of the rise was actually recovery.\u201d<\/p>\n<p>They also stated that the main driver of the sharp increase in 2022-2023 was the double minimum wage hikes, largely election-driven. <\/p>\n<p>\u201cAfter the 2023 elections the adjustment returned to once a year and has since stayed below inflation,\u201d Grieveson and G\u00f6kten added. <\/p>\n<p>They also questioned the reliability of Turkey\u2019s inflation data, citing opposition parties\u2019 allegations that the official figures are manipulated.<\/p>\n<h2>Hungary has the highest growth in the EU<\/h2>\n<p>Hungary ranks second at 29.8% and is itself an outlier within the EU. In Poland, real wages rose by 16.5%. The top three countries are all outside the euro area.<\/p>\n<p>\u201cHungary&#8217;s strong real wage growth over the past five years reflects a combination of structural labour shortages, government wage policies, and a post-inflation catch-up process,\u201d P\u00e9ter Virov\u00e1cz, chief economist at ING, said. <\/p>\n<div class=\"c-widget-related\" data-stories-id data-event=\"widget_related\">\n<div class=\"c-widget-related__title\"><b class=\"c-widget-related__title__text\" lang=\"en\">Related<\/b><\/div>\n<ul class=\"c-widget-related__list\">\n<li class=\"c-widget-related__item\">Richest countries in 2026: New measure of wealth pushes France and Germany out of top ten<\/li>\n<li class=\"c-widget-related__item\">Tax the rich: Where in Europe are people most in favour of taxing the super wealthy and why?<\/li>\n<\/ul>\n<\/div>\n<p>He said that Hungary&#8217;s exceptional real wage performance reflects not an extraordinary surge in productivity, but rather the combined effects of labour-market tightness, an aggressive minimum wage policy, ongoing wage convergence and workers&#8217; efforts to restore purchasing power after the inflation shock.<\/p>\n<p>Within the eurozone, Lithuania recorded the strongest real wage growth, at 14.8%. No other country saw a double-digit increase. Real wages also rose by 7.4% in Latvia, 6.6% in Slovenia, 5.6% in Portugal, 4.7% in Greece, and 4.1% in Luxembourg.<\/p>\n<h2>Major economies: UK <strong>leads real wage growth<\/strong><\/h2>\n<p>Among Europe&#8217;s five largest economies, the UK led with an increase of 3.6%. Real wages rose by less than 1% in both Germany and France, at 0.9% and 0.1%, respectively. Italy recorded the steepest fall of all the countries analysed, while Spain saw a 2% decline.<\/p>\n<p>\u201cA first important factor is the growth of statutory minimum wages, which have been higher than inflation by government decision in both Germany and the UK and about the same as inflation in France and Spain,\u201d Bassanini said. <\/p>\n<p>Grieveson and G\u00f6kten noted that the UK\u2019s comparatively flexible wage-setting system and persistent recruitment difficulties allowed nominal pay to respond more rapidly to inflation than in several eurozone economies.<\/p>\n<p>The report notes that its figures for the first quarter of 2026 predate the recent surge in energy prices, which followed the joint US-Israeli attacks on Iran and Tehran&#8217;s response.<\/p>\n<\/div>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div id=\"adb-article-you-might-also-like\" class=\"perf-cv-auto c-article-you-might-also-like\">\n<h2 class=\"c-article-you-might-also-like__title\">\n        Read more<br \/>\n      <\/h2>\n<div class=\"c-article-you-might-also-like__container\">\n<article id=\"abe-2904805-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2904805\" data-cid=\"9812928\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904805-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/29\/28\/480x270_cmsv2_1015fdce-3a3a-5f19-b051-0eb7a1cb33a1-9812928.jpg\" loading=\"lazy\" alt=\"Paris city view (file photo)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Where do workers lose the biggest share of their salaries in Europe?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2893536-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2893536\" data-cid=\"9757725\" data-part-label=\"Partner content\">\n<figure id=\"abe-2893536-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/75\/77\/25\/480x270_cmsv2_453976e4-84d3-545a-a6bb-d1b3b4b8aa23-9757725.jpg\" loading=\"lazy\" alt=\"In this picture taken with a long time exposure a counterfeit money expert of the German Federal Bank enumerates new ten euro banknotes during a press conference at the branch\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Where in Europe do workers earn the most \u2014 and the least?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2809282-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2809282\" data-cid=\"9330650\" data-part-label=\"Partner content\">\n<figure id=\"abe-2809282-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/33\/06\/50\/480x270_cmsv2_559ddde1-7863-5497-af48-233b0fe58e2f-9330650.jpg\" loading=\"lazy\" alt=\"Pilots earn the highest salaries in Germany\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    The highest-paying jobs in Germany: Data reveals top salaries<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto\">\n<ul id=\"adb-article-tags\" class=\"c-tags-list\">\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  salaries<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  wages<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  cost of living<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Inflation<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Euronews Compare<br \/>\n<\/section>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"o-article-newsy__aside\">\n<div class=\"c-ad-wrapper o-article-newsy__aside__content-1\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div id=\"adb-article-top-stories\" class=\"perf-cv-auto c-top-stories\">\n<h2 class=\"c-top-stories__title\">Top stories<\/h2>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2910536-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2910536\" data-cid=\"9841463\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910536-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/14\/63\/320x180_cmsv2_ada1aa86-625c-50f3-ac7f-678db575e6fe-9841463.jpg\" loading=\"lazy\" alt=\"BlackRock headquarters in New York, Feb. 2006\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    BlackRock tops $15tn: Where does the financial giant put it all?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2910593-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2910593\" data-cid=\"9841732\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910593-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/17\/32\/320x180_cmsv2_1fb5ed8a-5739-56a2-bb23-f1c8323dbe6a-9841732.jpg\" loading=\"lazy\" alt=\"File - The UniCredit bank logo is seen on the bank&apos;s headquarters in downtown Milan, Italy, Sunday, 5 October 2008 \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 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world&#8217;s most profitable airlines: Record earnings collide with war<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-ad-wrapper o-article-newsy__aside__content-2\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-most-viewed\">\n<h2 class=\"c-most-viewed__title qa-section-title\">Most read<\/h2>\n<div class=\"c-most-viewed__list\">\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">1<\/span><\/p>\n<article id=\"abe-2910492-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2910492\" data-cid=\"9841210\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    China \u2018firmly opposes\u2019 UK nationalisation of British Steel<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">2<\/span><\/p>\n<article id=\"abe-2910307-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2910307\" data-cid=\"9840267\" data-part-label=\"Partner content\">\n<div 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class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<\/article>\n<article id=\"abe-2904805-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2904805\" data-cid=\"9812928\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904805-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/29\/28\/480x270_cmsv2_1015fdce-3a3a-5f19-b051-0eb7a1cb33a1-9812928.jpg\" loading=\"lazy\" alt=\"Paris city view (file photo)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Where do workers lose the biggest share of their salaries in Europe?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2893536-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2893536\" data-cid=\"9757725\" data-part-label=\"Partner content\">\n<figure id=\"abe-2893536-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/75\/77\/25\/480x270_cmsv2_453976e4-84d3-545a-a6bb-d1b3b4b8aa23-9757725.jpg\" loading=\"lazy\" alt=\"In this picture taken with a long time exposure a counterfeit money expert of the German Federal Bank enumerates new ten euro banknotes during a press conference at the branch\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Where in Europe do workers earn the most \u2014 and the least?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2809282-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2809282\" data-cid=\"9330650\" data-part-label=\"Partner content\">\n<figure id=\"abe-2809282-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/33\/06\/50\/480x270_cmsv2_559ddde1-7863-5497-af48-233b0fe58e2f-9330650.jpg\" loading=\"lazy\" alt=\"Pilots earn the highest salaries in Germany\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    The highest-paying jobs in Germany: Data reveals top salaries<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2910536-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2910536\" data-cid=\"9841463\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910536-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/14\/63\/320x180_cmsv2_ada1aa86-625c-50f3-ac7f-678db575e6fe-9841463.jpg\" loading=\"lazy\" alt=\"BlackRock headquarters in New York, Feb. 2006\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    BlackRock tops $15tn: Where does the financial giant put it all?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2910593-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2910593\" data-cid=\"9841732\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910593-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/17\/32\/320x180_cmsv2_1fb5ed8a-5739-56a2-bb23-f1c8323dbe6a-9841732.jpg\" loading=\"lazy\" alt=\"File - The UniCredit bank logo is seen on the bank&apos;s headquarters in downtown Milan, Italy, Sunday, 5 October 2008 \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    EU unveils banking reforms to unlock billions in investment<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2910528-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2910528\" data-cid=\"9841394\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910528-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/13\/94\/320x180_cmsv2_55d6ea8b-bce5-5e4f-b16e-3a2a2986d0d8-9841394.jpg\" loading=\"lazy\" alt=\"President Donald Trump holds up an image taken from his File - Truth Social account at an event about coal, on 4 June 2026, in the Oval Office of the White House in Washington\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Trump Media to sell faster access to key market-moving social posts<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2910492-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2910492\" data-cid=\"9841210\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910492-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/84\/12\/10\/320x180_cmsv2_5aeb9226-e683-5412-a367-4743694bb647-9841210.jpg\" loading=\"lazy\" alt=\"File - A Save our Steel sticker is pictured on the helmet of a worker at one of the Blast Furnaces at British Steel&apos;s steelworks site in Scunthorpe, England. 15 April 2025\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    China \u2018firmly opposes\u2019 UK nationalisation of British Steel<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2910050-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2910050\" data-cid=\"9838928\" data-part-label=\"Partner content\">\n<figure id=\"abe-2910050-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/89\/28\/320x180_cmsv2_d89047fc-3ed3-5c1d-b36f-6e40d7a909ff-9838928.jpg\" loading=\"lazy\" alt=\"File - An aircraft of Emirates airlines flies past the moon after the start at the airport in Frankfurt, Germany, Wednesday, 5 April 2023. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    The world&#8217;s most profitable airlines: Record earnings collide with war<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2910492-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2910492\" data-cid=\"9841210\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    China \u2018firmly opposes\u2019 UK nationalisation of British Steel<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2910307-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2910307\" data-cid=\"9840267\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Does your salary buy as much as five years ago? Europe compared<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2910544-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2910544\" data-cid=\"9841581\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Diesel and petrol prices to jump sharply next week<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908815-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2908815\" data-cid=\"9833282\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Holiday prices in Europe: Which country is cheapest?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2907892-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2907892\" data-cid=\"9828224\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Dubai&#8217;s new startup campus wants to be the front door for founders<br \/>\n  <\/h3>\n<div class=\"the-media-object__quote\">Partner content presented by <strong>Dubai Chamber of Digital Economy<\/strong><\/div>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">COVID-19, Russia\u2019s invasion of Ukraine, soaring energy prices, record inflation, and other factors have all put pressure on wages across Europe. Rising living costs have hit millions of European households hard.\u00a0Real wages, which take inflation into account, fell in a third of the European countries analysed over the five years to early 2026.So, which countries saw the biggest real wage declines between the first quarters of 2021 and 2026? And where did real wages rise most? Why did some countries emerge as outliers in real wage growth while the euro area overall saw a decline?According to the OECD Employment Outlook 2026, which covers 27 European countries but not all EU members, real wages declined in nine countries cumulatively between the first quarters of 2021 and 2026.Impact of the 2022\u20132023 cost-of-living crisis\u201cReal wages were still affected by the cost-of-living crisis of 2022-2023 even in Q1 2026,\u201d Andrea Bassanini, editor of the OECD Employment Outlook, told Euronews Business.\u00a0\u201cAs sectoral collective agreement renewals do not take place every year and are usually staggered, negotiated wages have taken much time to recover, and did not do it completely.\u201dHe also pointed out that statutory minimum wages had largely kept pace with prices.Real wages fell by more than 6% in ItalyItaly saw the largest decline, with real wages falling by 6.1%. Ronald Janssen, former chief economist at the European Trade Union Confederation (ETUC) and the Trade Union Advisory Committee (TUAC), stated that employers systematically delaying new agreements and the weakening bargaining position of trade unions contributed to the real wage decline in Italy.Michele Bavaro, an economist at Italy\u2019s Scuola Normale Superiore, said Italy\u2019s historically long delays in renewing contracts slowed the recovery in nominal wages following a rise in inflation.Richard Grieveson and Meryem G\u00f6kten from the Vienna Institute for International Economic Studies (wiiw) also pointed to weak productivity, subdued economic growth, and relatively slow nominal wage adjustment in Italy.Czechia and Sweden recorded declines of 5.8% and 4.8%, respectively. Real wages fell by 2.1% in Denmark and 2% in Spain. Across the eurozone, they declined by 1.8% over this period.Slovakia, Finland, Ireland, and Switzerland also saw slight declines of between 0.7% and 1.4%.Acceleration of\u00a0inflation and\u00a0 job insecurity concernsRonald Janssen pointed to the acceleration of inflation in 2021-2022 in the eurozone.\u201cWhile subsequent collective bargaining rounds in the years following the great inflation outbreak tried to restore the purchasing power of wages, workers and trade unions saw their bargaining power hampered by the job insecurity concerns resulting from several years of stagnating economic growth, fears of de-industrialisation because of Chinese competition and a US-led tariff war undermining access to a major European export market,\u201d he told Euronews Business.In Belgium, real wages remained unchanged, while France and Estonia recorded marginal increases of just 0.1%.Turkey: A significant outlierTurkey stands out as the most significant outlier, recording the highest real wage growth at 78.6% despite an inflation rate of 32% in mid-2026.\u00a0\u201cTurkey&#8217;s 79% real wage increase is arithmetically correct but overstates the increase in living standards,\u201d \u00a0Grieveson and G\u00f6kten told Euronews Business.\u201cReal wages started from a low level in 2021, still depressed after the 2018 currency crisis, so part of the rise was actually recovery.\u201dThey also stated that the main driver of the sharp increase in 2022-2023 was the double minimum wage hikes, largely election-driven.\u00a0\u201cAfter the 2023 elections the adjustment returned to once a year and has since stayed below inflation,\u201d Grieveson and G\u00f6kten added.\u00a0They also questioned the reliability of Turkey\u2019s inflation data, citing opposition parties\u2019 allegations that the official figures are manipulated.Hungary has the highest growth in the EUHungary ranks second at 29.8% and is itself an outlier within the EU. In Poland, real wages rose by 16.5%. The top three countries are all outside the euro area.\u201cHungary&#8217;s strong real wage growth over the past five years reflects a combination of structural labour shortages, government wage policies, and a post-inflation catch-up process,\u201d\u00a0 P\u00e9ter Virov\u00e1cz, chief economist at ING, said.\u00a0He said that Hungary&#8217;s exceptional real wage performance reflects not an extraordinary surge in productivity, but rather the combined effects of labour-market tightness, an aggressive minimum wage policy, ongoing wage convergence and workers&#8217; efforts to restore purchasing power after the inflation shock.Within the eurozone, Lithuania recorded the strongest real wage growth, at 14.8%. No other country saw a double-digit increase. Real wages also rose by 7.4% in Latvia, 6.6% in Slovenia, 5.6% in Portugal, 4.7% in Greece, and 4.1% in Luxembourg.Major economies: UK leads real wage growthAmong Europe&#8217;s five largest economies, the UK led with an increase of 3.6%. Real wages rose by less than 1% in both Germany and France, at 0.9% and 0.1%, respectively. Italy recorded the steepest fall of all the countries analysed, while Spain saw a 2% decline.\u201cA first important factor is the growth of statutory minimum wages, which have been higher than inflation by government decision in both Germany and the UK and about the same as inflation in France and Spain,\u201d Bassanini said.\u00a0\u00a0Grieveson and G\u00f6kten noted that the UK\u2019s comparatively flexible wage-setting system and persistent recruitment difficulties allowed nominal pay to respond more rapidly to inflation than in several eurozone economies.The report notes that its figures for the first quarter of 2026 predate the recent surge in energy prices, which followed the joint US-Israeli attacks on Iran and Tehran&#8217;s response.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/business\/2026\/07\/17\/real-wages-are-still-below-2021-levels-in-a-third-of-european-countries-analysed&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/84\/02\/67\/1200x675_cmsv2_14005598-d579-5cef-be0a-9f3047de33a1-9840267.jpg&#8221;] Culture news Athens Photo Festival: A polyphonic celebration of photography Tech News Your phone is destroying your thumbs \u2014 and here&#8217;s how to stop it Europe News Rule of Law in Hungary shows \u2018radical change\u2019 under Magyar, EU says Culture news Oscar-winning Irish actress Brenda Fricker dies aged 81 Culture news Athens [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[226,36],"class_list":["post-2048291","post","type-post","status-publish","format-standard","hentry","category-international","tag-crawlmanager","tag-euronews-com"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2048291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2048291"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2048291\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2048291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2048291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2048291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}