The ECB wage tracker updated with data through April 2026 shows stable negotiated wage growth around 2.6% in 2026, with no significant revisions from previous data releases.
The European Central Bank (ECB) has updated its wage tracker with wage agreements signed up to mid-April 2026. The forward-looking horizon remains unchanged at the end of December 2026.
The tracker indicates broadly stable negotiated wage growth of around 2.6% by the end of 2026, with no revisions compared to the March 2026 data release.
Different measures of the wage tracker show negotiated wage growth of 3.0% in 2025 and 2.6% in 2026, with the headline indicator smoothing one-off payments over time. The tracker excluding one-off payments suggests a moderation from 3.8% in 2025 to 2.6% in 2026.
The quarterly progression of the headline wage tracker shows an increase from 1.8% in Q1 to 2.6% in Q3 and Q4, reflecting the dissipation of the effects of large one-off payments made in 2024. The unsmoothed measure indicates a stable outlook, averaging around 2.6% in 2026.
Employee coverage for 2026 varies from 45.6% in Q1 to 38.8% in Q4. The data now include expanded coverage for Austria starting from January 2013. The forward-looking horizon remains until December 2026, with plans to extend to the first quarter of 2027 in July 2026.
The ECB emphasizes that the wage tracker is subject to revision and should not be interpreted as a forecast. Deviations from actual wage growth are possible, and the tracker reflects current available data from collective bargaining agreements. For comprehensive wage development analysis, refer to the ECB staff macroeconomic projections for 2026, which estimate a 3.4% growth rate for compensation per employee in the euro area.
The ECB publishes four wage tracker indicators covering nine euro area countries on its Data Portal, each providing different insights into negotiated wages and their components.
