Taking into account the latest available data from the Croatian Bureau of Statistics, in Croatia the total registered unemployment rate in March 2024 stood at 6.2%. Further, looking at the latest wage data from February, average net earnings increased by 0.5% in real terms compared to January 2024, and 8.4% if we were to compare it to the same month of the previous year.
Recently, the Croatian Bureau of Statistics published data regarding employment and unemployment in Croatia for March 2024. Looking at the data, one can see that the number of persons in employment amounted to 1.65m, which represents an increase of 0.7% MoM and an even more pronounced growth of 1.7% if we were to compare it to the same month of the previous year. In the period from January to March 2024, as compared to the same period of the previous year, the total number of persons in employment increased by 1.4% YoY. Taking the total number of persons in employment and the unemployed number of persons, the total registered unemployment rate in March 2024 stood at 6.2%.
Total persons in employment & Unemployed persons [2015 – 2023]
Source: DZS, InterCapital Research
Moving on to the latest available data for February 2024, regarding the average monthly wages in Croatia, average net earnings increased by 0.5% in real terms compared to January 2024 and 8.4% if we were to compare it to the same month of the previous year.
Median net wage – Croatia [2016 – Feb 2024]
Source: DZS, InterCapital Research
Average annual median wage growth rate [%]
Source: DZS, InterCapital Research
Below we decided to present you with the nominal growth of an average median wage throughout the year. The most recent pronounced growth should not come as a surprise due to the double-digit inflation for the period. However, we emphasize that as part of pre-election packages in Croatia, the government presented us with a historic salary increase in state and public services. As expressed, the main goals of this reform are to increase the salary of all employees and to achieve “equal pay for equal work”. This salary increase will affect c. 244k of employees. Consequently, we should expect further elevated growth rates in wages.
