Eurozone Negotiated Wages in Eurozone

Banco Central Europeo (BCE) · Quarterly · Importance 55

2.44% (Q2-26) YOY · % · Trimestral · CSV
Period%
Apr 2026 2.44%
Jan 2026 2.56%
Oct 2025 2.91%
Jul 2025 1.95%
Apr 2025 4.02%
Jan 2025 2.48%
Oct 2024 4.25%
Jul 2024 5.55%
Apr 2024 3.72%
Jan 2024 4.85%
Oct 2023 4.26%
Jul 2023 4.56%
Apr 2023 4.27%
Jan 2023 4.22%
Oct 2022 3.34%
Jul 2022 3.19%
Apr 2022 2.68%
Jan 2022 3.10%
Oct 2021 1.42%
Jul 2021 1.14%
Apr 2021 1.58%
Jan 2021 1.32%
Oct 2020 1.95%
Jul 2020 1.64%
Apr 2020 1.69%
Jan 2020 1.95%
Oct 2019 1.92%
Jul 2019 2.52%
Apr 2019 1.95%
Jan 2019 2.21%
Oct 2018 2.13%
Jul 2018 2.17%
Apr 2018 2.23%
Jan 2018 1.79%
Oct 2017 1.47%
Jul 2017 1.42%
Apr 2017 1.43%
Jan 2017 1.53%
Oct 2016 1.41%
Jul 2016 1.44%
Apr 2016 1.34%
Jan 2016 1.30%
Oct 2015 1.43%
Jul 2015 1.45%
Apr 2015 1.40%
Jan 2015 1.35%
Oct 2014 1.63%
Jul 2014 1.44%
Apr 2014 1.65%
Jan 2014 1.68%
Oct 2013 1.61%
Jul 2013 1.85%
Apr 2013 1.63%
Jan 2013 1.96%
Oct 2012 2.18%
Jul 2012 2.12%
Apr 2012 2.11%
Jan 2012 1.90%
Oct 2011 1.86%
Jul 2011 1.92%

About this indicator

FrequencyQuarterly
Release Trimestral, ~8 semanas tras el cierre del trimestre, 11:00 CET (calendario oficial BCE, pagina stnwag)
What it isMeasures the year-on-year change in wages agreed under collective bargaining across the euro area. Published quarterly by the European Central Bank (ECB) as its Indicator of Negotiated Wage Rates, it strips out wage drift, variable bonuses and shifts in the composition of employment.
How it's calculatedThe ECB aggregates collective-bargaining data from the largest euro-area economies and computes the year-on-year rate of the negotiated wage component, expressed as a percentage.
Market implicationsOne of the ECB's most closely watched leading gauges of domestic wage pressure and its pass-through to services inflation. Accelerating negotiated pay strengthens the case for keeping rates high and tends to support the euro, while easing wage growth opens the door to cuts.
LimitationsIt can be volatile from quarter to quarter because of one-off payments and the timing of contract renewals in the larger member states. As it excludes wage drift and variable supplements, it understates the pay actually received.