REPORT

Economic growth, stagnant wages: a new ELA report reveals the growing gap between capital and labour

Apr 01, 2026

A new study published in March 2026 by the ELA Research Office analyzes the wage evolution in Hego Euskal Herria between 2008 and 2024. The results are convincing: while GDP grew by 39% in that period, the real wage barely increased by 2.9%, which is equivalent to only 838 euros in fifteen years. Corporate profits, on the other hand, have reached annual all-time highs. The report shows that the adjustment following the 2008 financial crisis fell disproportionately on the working class, as successive labour reforms weakened collective bargaining and facilitated wage devaluation.

The study also reveals deep structural inequalities within the labour market. Women earn on average about 15 per cent less than men, a gap that persists even when compared by occupation, sector and experience. Migrant workers face even more pronounced disparities, being paid 30% less per hour than non-migrants, a penalty linked to labour market segmentation and not to individual characteristics. Part-time workers (mostly women and migrants) also earn less per hour, over and above the mere reduction in working hours.

The report concludes that the pattern has been the same over the last few years: both in the crisis and in the recovery or in the inflationary period, capital has increased its share in the wealth generated while that of labour has decreased.