Wage growth in Czechia over the past ten years was the seventh fastest in the world when calculated in U.S. dollars. But the average annual wage was still low when compared to other developed economies.
The average Czech salary in 2021 reached $18,687 dollars, equal to CZK 468,276 per year, and was 50.9 percent higher than in 2011, according to a survey by U.S.-based financial software firm Tipalti.
In terms of wage growth, the top spots all went to the three Baltic countries. Latvia was first, with wages rising 103.9 percent over the past decade to reach $18,135. It was followed by Lithuania and Estonia, up 95.5 percent and 88.5 percent, respectively.
“If this Baltic wage growth continues into the next decade, these three countries could be a highly attractive proposition for any ex-pat worker or digital nomad,” Tipalti said.
Iceland came in fourth with a rise of 75..6 percent and also had the highest annual wage in the top 10 at $81,844.
The four countries of the Visegrád Group took up the fifth through eighth spots on the growth chart, ahead of the U.S. Hungary had the highest growth in the V4, up 59.8 percent, but was still lowest in the V4 at $10,615. Poland was sixth, with a growth of 55.8 percent to reach $13,280.
As previously mentioned, Czechia ranked seventh and also had the highest wages in the V4. Slovakia followed in eighth with 43.6 percent growth and wages reaching $15,784.
The Czech Statistical Office states that last year the average gross monthly salary in the Czech Republic was CZK 37,839. In a year-on-year comparison, its growth was 6.1 percent.
Tipalti selection of 34 countries is primarily based on the Organization for Economic Co-operation and Development, which has 38 members. Chile, Colombia, Costa Rica, Chile, and Turkey were not included in the Tipalti list.
