Profits rise

New figures produced by the European Trade Union Confederation (ETUC) show that while wages have been falling in real terms, profits have been rising.

The statistics, taken from the European Commission’s AMECO database, indicate that in 2023 wages in the EU have fallen by 0.7%, after taking inflation into account, while profits after inflation have risen by 1.5%.

The largest falls in real wages are in the Czech Republic, down by 4.6% and Italy, down by 2.3%, while the largest increases in profits are in Slovakia, up by 7.9%, and Romania, up by 6.9%.

Commenting on the figures, Esther Lynch, the ETUC’s general secretary said: “CEOs and shareholders have got richer while people working long hours in tough jobs struggle to feed their families and warm their homes.”