In 2023, the average salary in the Canary Islands experienced a modest recovery of 2.1% in purchasing power, yet it remains the second lowest in Spain at €1,630 per month. This figure trails behind the average salary of a worker in Madrid by €652, according to the Adecco Monitor of Employment Opportunities and Satisfaction.
The wage disparity between Madrid and Extremadura, the autonomous communities with the highest and lowest salaries respectively, widened by 15% in 2023 to €749.
Madrid leads the regions with the highest average salary at €2,282 per month, followed by the Basque Country (€2,197), Navarre (€2,093), and Catalonia (€2,056). Conversely, Extremadura boasts the lowest average salary at €1,533 per month, with the Canary Islands (€1,630) and Murcia (€1,674) closely following suit.
SALARIED WORKERS’ PURCHASING POWER FALLS
Despite Spain reaching an “all-time high” in average salary at €1,920 per month in 2023, a 5.4% increase from the previous year, purchasing power declined for the second consecutive year, dropping by 2.6%. This equates to €610 less per year.
Regionally, the average wage saw significant increases in the Balearic Islands (7.7%), Madrid (6.7%), and Navarre (6.2%), while Extremadura, Cantabria, and the Canary Islands experienced the lowest increases at 3.1%, 3.2%, and 4% respectively.
The Adecco Monitor of Employment Opportunities and Satisfaction reveals that only two autonomous communities saw an increase in purchasing power: the Balearic Islands (3.1%) and the Canary Islands (2.1%). Conversely, fifteen regions experienced a decline in purchasing power, notably Asturias (5%), Galicia (4.8%), and the Basque Country (4.6%).
THE BEST WORKING CONDITIONS IN SPAIN ARE IN THE BALEARIC ISLANDS
In terms of working conditions, the Balearic Islands (7 points), Catalonia (6.6 points), and Madrid (6.4 points) are highlighted as having the best conditions in Spain, according to the Adecco Monitor. The Valencian Community and Cantabria follow closely behind, each with 6.2 points, with these five regions surpassing the national average score, which rose to 5.9 points in the fourth quarter of 2023.
While only two regions reduced this indicator in the third quarter of 2023 (Aragon and Extremadura), the Balearic Islands, Cantabria, and La Rioja experienced the largest increases. The Community of Madrid, which held the top position two years ago, now ranks third, with Catalonia returning to second place after briefly holding the top spot in 2022, while the Balearic Islands claimed first place in the fourth quarter of 2023.
