Charts of the Week
Charts of the week from 20 to 24 January 2025: average gross wage per employee, Slovenian industrial producer prices and electricity consumption by consumption group
In November, the average wage growth (4.4% in real terms) was slightly lower than in the previous months. In the public sector, growth remained consistent with the previous two months, primarily driven by an increase in the value of pay scale grades following a partial wage adjustment for inflation in June. Growth in the private sector was lower than in previous months, partly due to a year-on-year decline in extra payments (13th month payments and Christmas bonuses). The year-on-year decline in Slovenian industrial producer prices slowed at the end of last year (-0.2%). Prices fell for durable consumer goods (-1.3%), capital goods (-1.1%), and intermediate goods (-0.9%), while they increased for energy products (by 2.7%) and non-durable consumer goods (by 1.6%). Industrial electricity consumption, an indicator of economic activity, was on average about the same last year as in 2023. At the end of the year, it was 1.8% above the level of a year ago.
Average gross wage per employee, November 2024
In November, year-on-year real growth in the average gross wage was lower than in previous months (4.4%), which is attributed to higher inflation and also to slower nominal growth in the private sector. Real growth in the private sector (4.3%), which was lower than in previous months, was partly due to a year-on-year decline in extra payments (13th month payments and Christmas bonuses). Growth in the public sector (4.4%) remained consistent with the previous two months, primarily driven by an increase in the value of pay scale grades following a partial wage adjustment for inflation in June. In the first 11 months of 2024, overall average gross wage increased by 6.5% in nominal terms – by 7.5% in the public sector and by 4.5% in the private sector.
Slovenian industrial producer prices, December 2024
Slovenian industrial producer prices fell by 0.2% year-on-year at the end of 2024. The year-on-year decline gradually weakened in the second half of last year, largely due to the lower base effect. Prices of intermediate goods, capital goods and durable consumer goods were lower year-on-year (by 0.9%, 1.1% and 1.3% respectively). The strongest price increase was observed in the energy group (2.7%). Prices of non-durable consumer goods also increased (by 1.6%). The decline in prices of products on the domestic market was similar to that on the foreign markets (-0.1% and -0.2% respectively). Despite this decline, prices at the end of last year were still almost one fifth higher than at the end of 2021, prior to the sharp rise triggered by the post-COVID-19 recovery and, in particular, the energy shock.
Electricity consumption by consumption group, December 2024
Electricity consumption in the distribution network was 1.1% higher year-on-year in December 2024. With one more working day in December 2024, industrial consumption was 1.8% higher year-on-year, and small business consumption was 4.1% higher. Household consumption was slightly lower compared to December 2023 (by 0.5%). Industrial consumption, which accounts for the largest share of total consumption and is one of the indicators of economic activity, was roughly the same last year as in 2023.