According to data released by the National Statistics Institute (INE), in the second quarter, the average gross monthly salary per worker increased by 6.4%, compared to the same period last year, exceeding the 1,600 euros mark. In real terms — that is, discounting inflation —, the increase was 3.6%.

“The average monthly gross remuneration per worker (per job) increased by 6.4% to 1,640 euros in the quarter ending in June 2024, compared to the same period in 2023”.

During the first quarter, the average salary had increased by 6.5%, which means that there was a slight slowdown between April and June.

A significant part of the increase ended up being “absorbed” by inflation. Thus, although in total terms the average salary rose by more than 6%, in real terms the increase was 3.6%. The INE explains that, compared to the quarter ending in March 2024, there was an acceleration in prices (from 2.2% to 2.7%) and a slowdown in real wages.

Which sectors did wages rise most?

The salaries of Portuguese workers are rising, but earnings are not the same in all sectors. In the second quarter, while extractive industries saw a 13.6% increase and human health and social support activities saw a 12.1% increase, electricity, gas, steam, hot and cold water, and cold air activities saw an increase of less than 1%.

It is worth noting, however, that this is traditionally one of the sectors of the Portuguese economy that pays the best. In fact, in June 2024, this was the activity with the highest average total remuneration per worker: 3,588 euros. On the other side of the table were agriculture, animal production, hunting, forestry, and fishing activities, with an average salary of 976 euros.

As for the size of companies, the data published by the INE show that larger companies are not only the ones that pay the best, but are also the ones that are managing to make the most significant increases.

“In June 2024, total remuneration varied between 1,039 euros in companies with one to four employees, and 2,044 euros in companies with 500 or more employees,” notes the statistics office. It adds: “compared to the same period in 2023, total remuneration increased in all company size brackets, with the largest variation occurring in companies with 500 or more employees (7.3%) and the smallest in companies with 50 to 99 employees (4.7%).”