Friday, March 1, 2024

The average salary for each autonomous community

The increase in inflation and product prices means that the wages of workers must increase to match the prices of wages, but this change in wages is not the same in all autonomous communities. Specifically, the average salary of a Spaniard increased by 5.1% last year, reaching about 1,920 euros per month, thus exceeding the average inflation rate in 2022 by 3.5%.

If we look at salaries, there are gaps between the autonomous communities, with the Balearic Islands having the highest salary increase at 7.7%. Behind it is the Community of Madrid with 6.7% and Navarra with 6.2%. On the other hand, communities such as Extremadura, Cantabria, and the Canary Islands have the least increase in their wages, with 3.1%, 3.2%, and 4%, respectively. In general, the difference between the community with the highest salary and the one with the lowest is 749 euros.

If we order the autonomous communities according to salary, the Community of Madrid is placed in the first place in the classification, with an average salary of 2,282 euros per month. In second place is the Basque Country, with 2,197 euros per month, followed by Navarra, with 2,093 euros per month, and Catalonia, with 2,056 euros per month. In addition, these communities have increased their salaries every year compared to the years 2021–2022.

In the case of the three communities with the lowest wages, this also shows lower year-on-year growth than what was achieved last year. In the classification of communities by salary, Extremadura is in last place with 1,533 euros and a year-on-year increase of 3.1%, followed by the Canary Islands with 1,630 euros per month and an increase of 4% per year, and the Region of Murcia with an average salary of 1,630 euros per month and an increase of 5.9% year-on-year.

Falling purchasing power

According to the analysis carried out by Adecco, by discounting inflation from the evolution of the average salary, the change in purchasing power can be verified. Considering the differences that have occurred in the last eight quarters, the period considered by the Adecco Monitor in the analysis of differences in the purchasing power of salaries, it can be seen that the average salary in Spain as a whole has lost in the purchasing power of the second consecutive. year, which stands at 2.6% in 2023. This amount is higher than the loss of the previous year, which means 610 euros less per year.

However, if we analyze it by looking at the last eight quarters, we can see how in the second half of 2023 there will be an increase in purchasing power of 0.2% and 1.5%. Therefore, the purchasing power of the current average salary is 8.8% lower than the highest purchasing power of the historical series, which continued in 2009 and also continues to be lower than in 2000.

World Nation News Desk
World Nation News Desk
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