According to the latest national statistics, Croatia’s registered unemployment rate increased to 4.6% in December 2025, while average net wages rose to EUR 1,498 in November 2025, up 1.3% MoM and 5.7% YoY in real terms; in Slovenia, the experimental ILO unemployment rate climbed to 5.0% in November, up 0.3 p.p. MoM and 1.5 p.p. YoY, while average net earnings reached EUR 1,627 in November, up 1.0% MoM and 1.0% YoY in nominal terms.
Croatia
Last week the Croatian Bureau of Statistics (DZS) published data on unemployment for December and wages for November 2025. The total number of persons in employment in Croatia stood at 1,717,302. On a monthly basis, employment declined by 1.0% compared to November 2025, pointing to a seasonal softening at year-end. On a yearly basis, employment was also lower by 1.0% compared with December 2024. Looking at the full-year trend, employment still increased by 0.7% in January to December 2025 versus the same period of the previous year, indicating underlying labour market resilience despite the December dip. At the same time, the number of unemployed persons rose by 1.9% MoM in December, suggesting some short-term pressure on labour market dynamics. The registered unemployment rate in December 2025 was 4.6%, remaining low in historical terms and consistent with a still-tight labour market overall.
Total persons in employment & unemployment rate (Jan 2019 – Dec 2025)
Source: DZS, InterCapital Research
On to the wages, the average monthly net earnings per person in paid employment for November 2025 amounted to EUR 1 498, up 1.3% MoM and 5.7% YoY, in real terms. The highest average monthly paid net earnings were paid in the activity Air transport and amounted to EUR 2 315, while the lowest earnings were in the activity Manufacture of wearing apparel and amounted to EUR 1 277.
Average monthly gross and net earnings in Slovenia (Jan 2023 – Nov 2025, EUR)
Source: DZS, InterCapital Research
From January to November 2025, average monthly net wages paid per employee in legal entities in Croatia reached EUR 1,445, implying a 10.0% nominal and 6.1% real increase compared with the same period of 2024.
Most importantly, median net earnings for November 2025 amounted to EUR 1278, which is down 0.2% on a monthly level, but rose 10% on an annual level.
Slovenia
Slovenia’s labour market has visibly softened, with the experimental ILO unemployment rate reaching 5.0% in November, up 0.3 p.p. MoM and 1.5 p.p. YoY, marking the highest level since at least March 2021. Despite still solid employment of 944,882 people, the sharp YoY increase in unemployment suggests that labour market tightness is easing, which could gradually reduce wage pressure and shift the macro narrative from overheating risk toward slower domestic demand momentum.
Total persons in employment & unemployment rate in Slovenia (Jan 2019 – Nov 2025)
Source: SiStat, InterCapital Research
In Slovenia, the average net earnings for November 2025 amounted to EUR 1 627, which represents 1% MoM and YoY in nominal terms. On an annual basis, a 6.75% rise was recorded in the public sector, while the private sector was 11.5%. On average, the highest earnings for November were paid in financial and insurance activities with a net wage of EUR 2 128, on the other hand, it was the lowest in Accommodation and food service activities, with a net wage of EUR 1 203. In the 2025 January-November period, net wages showed upside move of 5.9% compared to the same period in 2024.
Average monthly gross and net earnings in Slovenia (Jan 2023 – Nov 2025, EUR)
Source: SiStat, InterCapital Research
Overall, macro conditions across the region remain relatively solid, with labour markets still supportive for household income and consumption. Croatia continues to operate in a tight labour environment, although the recent uptick in unemployment and the cooling in employment suggest gradual easing, even as wage growth remains firm and broadly supportive. Slovenia is seeing a clearer rise in unemployment from very low levels, but the current 5% rate is still not alarming and looks more like normalization than stress. If these trends persist into 2026, the region could move into a more balanced setup, with softer labour market pressure helping inflation dynamics, while still keeping domestic demand on a stable footing.