Spain leads eurozone wage recovery thanks to strong employment growth, according to Natixis CIB
Analysis by Natixis CIB In 2025, the eurozone experienced a slowdown in wage growth (both nominal and real), which reduced households’ purchasing power and limited their consumption capacity. According to our wage decomposition model, this slowdown in the eurozone masks highly divergent national realities. In Germany and Spain, wage growth remained robust, whilst in France and Italy there was a more pronounced slowdown. These contrasting trends call for an analysis…
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