Portuguese workers’ average salary increased by 2.4% in real terms in the third quarter of this year, according to new data out this week.

The average salary rose by 5.9% in absolute terms to €1,438, as per the data published by the National Statistics Institute (INE), which is typical of a slowdown.

“The average total gross remuneration per worker increased by 5.9% to €1,438 in the quarter ending in September, compared to the same period in 2022″, said INE. Whereas in Q2, the average salary had risen by 6.9%, indicating a slowdown between July and September.

Furthermore, the regular component – which doesn’t factor in the Christmas and holiday bonus – and the base component of the average salary in Portugal increased by 6.2% and 6.6%, respectively, at €1,216 and €1,145. This also represents a slowdown in comparison to the variations registered between April and June, The Portugal News reports.

In addition, in terms of the inflationary impact, the National Statistics Institute said that in real terms, the average total monthly gross remuneration increased by 2.4%, with the regular component rising by 2.6% and the base component gaining 3%.

“This is the fifth consecutive month in which real increases in salaries have been recorded since November 2021”, said INE. Despite this, there was a slowdown in real wages from 2.6% to 2.4% in relation to the second quarter.

Moreover, in terms of the variation between sectors and employers of varying sizes, the Statistics Institute said the largest increases were registered in “extractive industries” at 9.5%, followed by businesses with between one and four staff at 7.2%, the private sector at 6.3% and in “knowledge-intensive market services” firms at 9.0%.