According to the latest data, Croatia’s average net earnings stood at EUR 1,439 in April 2025, down 0.6% MoM and 1.2% in real terms, but up 8.8% YoY nominally and 5.4% in real terms. Median net earnings rose to EUR 1,218, up 1.5% MoM and 9.7% YoY. Employment in May increased 1.7% MoM and 1.0% YoY, driven by seasonal tourism demand. In Slovenia, April 2025 net earnings reached EUR 1,601, up 1.3% MoM nominally and flat in real terms, while gross earnings rose to EUR 2,251. YoY, both net and gross wages increased 7.6% nominally and 5.2% in real terms, as the employment rate reached a record 70.0%, with notable sectoral gains in health and social work.

Croatia

Turning our attention to the latest figures for April 2025, average monthly net earnings in Croatia stood at EUR 1,439. This represents a nominal decrease of 0.6% and a real one of 1.2%, as compared to March 2025. On a YoY basis, net wages experienced solid growth, rising by 8.8% nominally and 5.4% in real terms, continuing the positive, yet perhaps not healthy, wage growth trend seen throughout recent months in Croatia.

Similarly, average monthly gross earnings per employee in legal entities for April 2025 reached EUR 1,998, reflecting a nominal decrease of 0.8% and a real one of 1.4% compared to the previous month.

Median net earnings, a particularly insightful indicator when discussing wages, rose to EUR 1,218 in April 2025. This represents a monthly increase of 1.5% and a YoY growth of 9.7%.

In April, the highest average monthly net earnings were recorded in the Information Service Activities sector, amounting to EUR 2,812. Conversely, the Manufacture of Wearing Apparel sector reported the lowest average earnings, at EUR 925. Consequently, the Information Service Activities sector also recorded the highest average gross earnings, at EUR 4,287, while the lowest gross earnings were paid in the Manufacture of Wearing Apparel sector, amounting to EUR 1,210.

Average monthly gross and net earnings in Croatia (Jan 2021 – Apr 2025, EUR)

Source: DZS, InterCapital Research

Croatian employment increased by 1.7% in May compared to April, and YoY, employment in May 2025 increased by 1.0%. Cyclical tourism spurts fuel this strong labor market, as more employees are required in the Easter and summer seasons.

Total Number of Employed Persons in Croatia (Jan 2020 – Apr 2025)

Source: DZS, InterCapital Research

Slovenia

The Statistical Office of the Republic of Slovenia recently published wage data for April 2025, revealing that average gross earnings stood at EUR 2,521, while net earnings averaged EUR 1,601.

Compared to March 2025, average gross earnings were higher by 1.0% in nominal terms and lower by 0.3% in real terms. Average net earnings also increased, up by 1.3% in nominal terms, while remaining approximately unchanged in real terms. This modest monthly movement reflects stable wage trends following March, with no significant distortions from extraordinary payments or bonuses.

Despite the marginal monthly changes, earnings for April 2025 showed positive YoY growth. Gross earnings rose by 7.6% in nominal terms and 5.2% in real terms, while net earnings increased by 7.6% in nominal terms and 5.2% in real terms, continuing a steady annual wage growth trajectory.

Sector-specific data indicate a MoM increase in average gross earnings in both the private and public sectors compared to March 2025, up by 0.4% and 1.9%, respectively. Earnings in the institutional sector of general government were 1.4% higher compared to the previous month.

YoY comparisons reveal a similar trend, with gross earnings rising across sectors. Notably, the public sector showed stronger growth momentum relative to the private sector, in line with broader structural and policy adjustments.

In April 2025, the highest average net earnings were recorded in the Financial and Insurance Activities sector at EUR 2,184, while the lowest were reported in the Accommodation and Food Service Activities sector, amounting to EUR 1,187.

Average monthly gross and net earnings in Slovenia (Jan 2023 – Apr 2025, EUR)

Source: SURS, InterCapital Research

The Slovenian employment rate held steady at its record-high levels. The accommodation and food services sectors drove a 0.1% employment increase in April. Year-on-year, the employment rate reached 70.0%, the highest ever, with the most growth in the health and social work sectors and a decrease in manufacturing employment.

Total Number of Employed Persons in Slovenia (Jan 2020 – Apr 2025)

Source: SURS, InterCapital Research

Conclusion

The latest Croatian and Slovenian wage data reflect two distinct but converging labor market narratives. Driven by sustained labor demand and rising median wages, Croatia’s wage trajectory remains upward annually, despite slight monthly temperance. Productivity gains and wage growth in Croatia are increasingly concentrated in high-paying sectors such as tech, widening the gap with lower-skilled sectors such as manufacturing. Despite this inequity, the steady rise in median wages suggests that wage pressures are gradually diffusing beyond the top tier. While this may support household consumption across the socioeconomic spectrum in the near term, Croatia will face the challenge of aligning this wage growth with productivity and competitiveness, particularly in the tourism and other more export-reliant sectors.

Slovenia continues to demonstrate a resilient wage environment, even as real earnings show signs of plateauing under inflationary pressure. The moderation in real wage growth signals lower volatility, likely due to sector stability rather than irregular bonus cycles. As inflation gradually recedes, Slovenia may shift its policy focus to reinforcing purchasing power among service sector workers while ensuring wage growth continues to fuel productivity. Both Croatia and Slovenia illustrate the balance between protecting real incomes and preserving macroeconomic equilibrium in the high-cost labor market.