The OECD reported a drop in real incomes in Europe

The cost of labor in the eurozone rose by 4% in the third quarter of 2022 compared to the same period last year, according to the Organization for Economic Co-operation and Development (OECD) in its November report. At the same time, according to the Institute, real incomes of the population in the III quarter decreased by an average of 3.5% in Europe compared to last year. The sharpest decline was recorded in the Czech Republic (8.94%), Slovenia (8.57%), Estonia (8.03%) and Lithuania (7.49%). The only European country where the growth of real incomes of the population was observed was Hungary – there it amounted to 2.54% in the III quarter.

The growth of nominal wages is observed at a level of more than 10% in the Central and Eastern European economies, experts from the OECD write, without specifying which particular economies showed an improvement in this indicator.