Economic and Investment Outlook

Wages are increasing, real wages still negative Earnings have increased but less than anticipated given high inflation and tight labour market Outside public pay deal*, private sector earnings growth is not spirally upwards yet Real earnings growth negative since late 2021 do 12 10 8 9 4 10 ir ŵ o w G∞ 5 -3 do 2 -5 -8 0, I I I I 2018 2019 2020 2021 2022 2023 All Sectors Public - Private 2010 2012 2014 2016 2018 2020 2022 ICPI-adjusted average hourly earnings growth Source: CSO Source: CSO Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency * Q4 2022 average hourly earnings distorted by backdated aspect of public sector pay deal 14

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