Annual growth in labour costs up to 1.7% in euro areaStaff writer ▼ | June 18, 2016
Hourly labour costs rose by 1.7% in both the euro area (EA19) and the EU28 in the first quarter of 2016, compared with the same quarter of the previous year.
Working in Europe In Q4 hourly labour costs increased by 1.3%
The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 1.8% and the non-wage component by 1.5%, in the first quarter of 2016 compared with the same quarter of the previous year.
In the fourth quarter of 2015, the annual changes were +1.5% and +0.7% respectively. In the EU28, hourly wages & salaries rose by 1.7% and the non-wage component by 1.6% for the first quarter of 2016. In the fourth quarter of 2015, annual changes were +2.1% and +1.3% respectively.
In the first quarter of 2016, the highest annual increases in hourly labour costs for the whole economy were registered in Romania (+10.4%), Bulgaria (+7.7%), Estonia (+6.9%), Lithuania (+6.1%) and Latvia (+4.7%).
Decreases were recorded in Italy (-1.5%) and Cyprus (-0.3%). ■