---
source: European Central Bank
url: https://data.ecb.europa.eu/data/datasets/EWT
document_type: html
date_retrieved: 2026-03-23
period: Q1 2026
parent_publication: ECB Wage Tracker (EWT)
indicators_covered: [Wage Tracker]
---

# ECB Wage Tracker - Euro Area Quarterly Aggregate

The ECB Wage Tracker is a tool developed by the European Central Bank and several euro area national central banks to monitor wage developments across the euro area. It is based on detailed data from collective bargaining agreements and helps assess wage pressures by aggregating national indicators using compensation-weighted data.

## Negotiated Wage Growth - Q1 2026

The headline ECB Wage Tracker for the euro area indicates a continued moderation in negotiated wage growth for the first quarter of 2026.

| Period | ECB Wage Tracker (Negotiated Wage Growth, %) |
| :--- | :--- |
| **Q1 2026** | **2.0%** |
| Q4 2025 | 2.7% |
| Q3 2025 | 3.0% |
| Q2 2025 | 3.2% |

### Key Observations
- **Moderation:** Wage growth has eased significantly from the peaks seen in 2024 (approx 4.9%) and throughout 2025.
- **Components:** The easing is driven by both a reduction in underlying wage pressures and the dissipation of large one-off payments that characterized agreements in previous years.
- **Outlook:** The current trajectory is consistent with the Eurosystem's projections for wage growth to align more closely with the 2% inflation target over the medium term.

### Data Description
- **Dataset:** ECB Wage Tracker [EWT]
- **Unit:** Percentage change, year-on-year
- **Coverage:** Euro area (compensation-weighted aggregate of collective bargaining data)
- **Smoothed One-offs:** This version of the tracker includes smoothed one-off payments to provide a more stable signal of underlying wage trends.

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*Note: The primary data source is the ECB Data Portal (EWT Dataset). Detailed time series for unsmoothed one-offs and exclusions are available in the supplementary EWT tables.*