Economy Sees Record Average Wages Despite Monthly Fluctuations

By Aryeh Stern

In April 2024, the Central Bureau of Statistics reported that the average wage in Israel reached NIS 13,506, marking a significant 7.3% increase compared to April 2023. However, this figure reflects a decrease from March 2023, when the average wage was NIS 14,000, a pattern often influenced by seasonal fluctuations.

Preliminary estimates for May 2024 indicate a further rise in the average wage, reaching NIS 12,891, which represents a 7.8% increase compared to May 2023. Despite this annual growth, there was a slight monthly decline compared to April and March.

Adjusting for inflation, the average wage showed a 4.4% increase in April 2024 compared to the same month last year, amounting to NIS 11,319 after seasonal adjustments.

From February to April 2024, the average salary increased by 3.1% annually, following a more substantial 7.3% rise in the preceding three-month period (November 2023 to January 2024).

The Central Bureau of Statistics’ data suggest a stable job market trajectory, recovering steadily from initial disruptions caused by recent conflicts. Despite economic challenges, job numbers have rebounded, contributing to the consistent rise in average wages, outpacing inflation rates.

Israel’s technology sector continues to lead in wage levels, with an average monthly wage of NIS 31,976 in April 2024, reflecting a 7.9% increase from the previous year. The highest wages were recorded in the scientific R&D industry, reaching NIS 34,000 per month.

Although the tech sector saw a marginal 0.2% decrease in job numbers from March 2024, there was a 0.6% annual increase compared to April 2023, maintaining its significant role, encompassing approximately 10% of all jobs in Israel.